During a Russian-Chinese Intergovernmental Commission meeting held in Beijing, Belousov underscored China's steadfast position as Russia's primary trade ally and the growing investment opportunities for both countries.
"Since the start of 2023, bilateral trade has grown significantly, increasing by a remarkable one-third. Noteworthy progress has been achieved in the exchange of metallurgical and chemical products, food items, as well as equipment and vehicles," he said.
Contrary to previous projections, which estimated a benchmark turnover of $200 billion by 2024, the Deputy Prime Minister has announced that this target would be surpassed this year.
Customs data from China showed a 29.5% surge in trade between the two nations in the first three quarters of 2023, totaling an impressive $176.4 billion.
The flourishing trade ties between Russia and China have gained momentum amid the US-led Western sanctions against Russia and ongoing trade friction between the United States and China.
In particular, Russia has become a major supplier of energy commodities, including oil and gas, as well as refined products, agricultural products, and industrial goods. China, in turn, has become a comprehensive exporter of a wide range of goods, from electronics, cell phones, and engineering products to automobiles, furniture, toys, textiles, clothing, and footwear.