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Russia, China to Boost Turnover to $80bn
Russia and China are willing to boost the turnover to between $60 billion and $80 billion by 2010, Deputy Economic Development Minister Andrey Sharonov said at today’s meeting with Chinese Deputy Commerce Minister Yu Guangzhou.
In 2006, Sharonov said, the turnover of Russia and China grew 14 percent on year to above $33 billion. But the raw materials account for the better part of the Russian exports, which generally displeases the Economic Development Ministry of the country.
”For any country, the market of China is a tough nut. To increase exports, you have to produce goods that would be cheaper than the Chinese ones, which is impossible, or better [than they], or promote the sectors that are missing in China,” Sharonov explained.
For Russia, such sectors could be chemistry, fertilizers, metal processing, wood processing and seafood exports, the deputy minister said.
”We are not pleased with today’s export structure. In 1998, for instance, the engineering product accounted for roughly 25 percent of Russia’s exports. But its share narrowed 20 times to just 1.2 percent. China stepped up the engineering product share from 5 percent in 1998 to 30 percent today,” Sharonov specified, adding Russia should focus on extending the share of high-tech product exported to China.
www.kommersant.com
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