China, Russia to hit $60 bln trade goal

China-Russia trade volume hit 29.1 billion U.S. dollars in 2005, up 37 percent year on year. The growth is much more higher than the 20 percent to 25 percent average annual growth planed in a middle and long-term lay-out for the two neighbors trade development.

"The Sino-Russian trade has got on a fast track with increasing cooperation methods and expanding cooperation fields," said Liu Guchang, Chinese ambassador to Russia, on the eve of Russian President Vladimir Putin's upcoming China tour.

During Putin's state visit to China from March 21 to 22, a Sino-Russian economic and trade summit will be held in the Chinese capital and the two sides will launch series of business activities in a bid to boost trade and investment.

"China and Russia have established a sound foundation for trade and economic cooperation, both in terms of political and economic situation. The two economies with great potential and soaring trade will serve to reach the set goals," said Li Fuchuan,a researcher with the Chinese Academy of Social Sciences.

Other favorable conditions include the planned building of a natural gas pipeline, Russia's expected accession to the World Trade Organization and China's growing imports of Russian civil aviation aircraft and power generation facilities, according to Li.

However, China and Russia should continue their efforts to improve the trade structure and procedures. China is expected to import more Russian machinery and encourage investment to Russia while Russia is expected to create a better environment for trade and overseas investment