Russia-China trade in 2024 set to surpass last year's record: Siluanov

Russian Finance Minister Anton Siluanov has predicted on that trade turnover between Russia and China in 2024 will exceed last year's record.

Speaking at a meeting with Chinese Finance Minister Lan Fong in Moscow, Siluanov noted, "Last year saw a record in bilateral trade. Based on the results of the past seven months, all indicators suggest that this year we will surpass that high mark."

According to the General Administration of Customs of China, Sino-Russian trade volume for the January-July period reached $136.67 billion, reflecting a 1.6 percent increase year-on-year.

Siluanov attributed the continued growth in foreign trade to the robust partnership between the two countries, despite Western sanctions. He emphasised that this partnership is a stabilising factor amid the global shift towards a multipolar world order.

"Our cooperation has become one of the stabilising factors as the polycentric world order takes shape," Siluanov said. He also highlighted that over 90 percent of transactions between Russia and China are now conducted in their national currencies — the ruble and the yuan.

In addition, Siluanov reported positive economic indicators for Russia, including a 4.7 percent growth in the first half of the year, a historic low unemployment rate of 2.4 percent, over 10 percent real wage growth, and an investment rate exceeding 14 percent for the first quarter.