Economic ties between China and Russia are planned to be enhanced in the Russian Far East as the on-going US-China trade conflicts continue. The ties aid the Russian government's plan to attract additional Chinese investments, especially in the agriculture and manufacturing industry.
The Russian government implemented new industrial policies recently on its Far Eastern region. These policies included the establishment of Advance Special Economic Zones (ASEZ). It was created as a free trade port and a special administrative zone wherein businesses enjoy privileged policies that include low taxes and land rental fees.
The planned agreement between the two nations empowered the local authorities to accelerate the construction of an industrial park in Vladivostok which aims at attracting additional off-shore investments from China, Japan, and South Korea. It was reported that three Chinese companies have owned dozens of groups of land in the Vladivostok industrial park. These companies intend to operate logistics and seafood manufacturing businesses.
The Chinese Ministry of Commerce stated on their website that the partnership between China and Russia is growing at a constant double-digit rate in 2018. The trade between the two nations is predicted to reach $100 billion at the end of 2019.
Chen Gang, CEO of STO Express' Russia subsidiary, said in on the Global Times on Sunday that the enhancement is another major diplomatic activity in the Chinese-Russian relations within this year. The added it is China's show of strong support for the development of Russia and its the Far East. He added that this enhancement will further enhance the Chinese-Russian bilateral relations, and strengthen international and regional strategic cooperation between the two countries.
According to Yan, China and Russia are in a constant state of cooperation apart from their economic ties. The two countries also cooperate in other fields that range from military to cultural exchanges. He noted that China is sending its military personnel to Russia for military drills and the International Army Games that is annually held in Russia.
The Chinese Defense Minister's website reported on August 20 that 2000 Chinese troops, more than 900 armored vehicles, and more than 30 fixed-wing aircraft and helicopters will participate on the military drill in Russia.
According to the Ma Youjun, director of the Russia Institute at Heilongjiang Provincial Academy of Social Sciences, the partnership will give the two countries leeway for new opportunities in other sectors, especially in agriculture. It was reported that Russia offered lease lands to China to aid in agricultural development.
