China and Russia Join Forces for Regional Market Growth

China and Russia Join Forces for Regional Market Growth


China and Russia aim to establish a bigger regional market and a more stable global supply chain as they strengthen cooperation, according to Chinese President Xi Jinping.

Chinese President Xi Jinping has indicated that China is ready to strengthen participation with Russia. The two countries reportedly want to “develop and set up a greater regional market” while ensuring “a more stable and robust worldwide supply chain” to be able to “ attract real and tangible advantages to the countries in the region.”

China and Russia to Strengthen Cooperation

Chinese President Xi Jinping met with Russian Prime Minister Mikhail Mishustin in Beijing on Wednesday. During their meeting, Xi informed the Russian official that China is ready to strengthen participation with Russia, Chinese news agency Xinhua reported.

Xi indicated that in addition to strengthening participation across multilateral platforms, such as the United Nations, the Shanghai Participation Organization (SCO), the BRICS, and the G20, China and Russia should explore “potential” new economic, trade, and financing relations.

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The Chinese leader informed Mishustin: “We hope that the two sides will continue to benefit from … the strong momentum of Sino-Russian participation, elevate participation in numerous fields … and continuously enrich the content of the comprehensive strategic cooperative partnership betwixt our two countries in the new era.” He was further quoted as saying:

China is ready to work with Russia and countries of the Eurasian Economic Union to encourage and connect the Belt and Road Initiative with the union to be able to develop and set up a greater regional market, secure a more stable and robust worldwide supply chain so [we can] attract real and tangible advantages to the countries in the region.

Responding to Xi’s statements, Mishustin stated Russia is “ready to work with China to encourage multipolarization in the world and consolidate the international order according to international law.”

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Xi emphasized China’s commitment to offer company support to Russia on matters related to the two nations’ respective core interests and strengthen participation in multilateral forums. He commended the substantial level of mutual trust and coordination betwixt China and Russia, stating that it “set an example of a new form of international relations.”

Prior to visiting Beijing and meeting Xi, Mishustin attended a Russian-Chinese Business Forum in Shanghai. At the forum, the chairman of Russia’s national economic development institution VEB.RF urged China and Russia to accelerates the establishment of a new, “cutting-edge” payment system for SCO and BRICS currencies. Mishustin said:

Our relations with China keep getting stronger. This long term relationship is according to historical roots, mutual respect, and friendship.

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