Chinese enterprises will sign four contracts worth over US$500
million to buy machinery and electric products from their Russian
counterparts during a Chinese national exhibition in Moscow, a top
Chinese trade official said on Monday.
Chinese enterprises will also sign another six contracts to
supply machinery and electric products worth US$1.128 billion to
Russia, Vice Minister of Commerce Yu Guangzhou said at an electric
trade fair held on the first day of the Chinese national exhibition
due in Moscow on March 26-29.
"It is the common objective of the two countries to increase the
share of machinery and electric products in mutual trade," Yu
said.
"Machinery constitutes a small fraction of bilateral trade
turnover. The sides must undertake efforts to increase the
competitiveness of the output of their machine-building products,"
Yu said.
According to official statistics, the China-Russia bilateral
trade turnover of machinery and electric products last year was
US$5.85 billion, but only US$247 million of importation was from
Russia. Russia mainly delivered oil, petrochemicals and timber to
China last year.
(Xinhua News Agency March 27, 2007)
