Xinhua Silk Road: 2019 Sino-Russian Financial Cooperation Roundtable held Sept. 10 for common development

General Press Releases Wednesday September 11, 2019 14:10
BEIJING--11 Sep--PRNewswire/InfoQuest
The 2019 Sino-Russian Financial Cooperation Roundtable kicked off in Vladivostok, Russia, on September 10.

Nearly 200 people attended the meeting held jointly by Asian Financial Cooperation Association (AFCA), Association of Banks of Russia, China Economic Information Service (CEIS), and the Harbin New Area Management Committee.

Sino-Russian cooperation is inseparable from financial cooperation. The financial cooperation roundtable is a platform for the two sides to deepen financial cooperation, said Khandruyev Alexander, vice chairman of the Association of Banks of Russia.

China has become Russia's largest trading partner for nine consecutive years, and Russia is also an important trading partner of China. In 2018, the bilateral trade reached a record high, surpassing 100 billion U.S. dollars for the first time, an increase of 27.1 percent year on year.

Wang Tieli, head of the Harbin New Area Management Committee, said that Harbin New Area is the only national-level new district eyeing Sino-Russian cooperation in China. In 2020, Harbin New Area will rely on the regional market and regional cooperation explored by the Chinese enterprises to build a Sino-Russian cross-border agricultural comprehensive industrial park.

At the meeting, Pan Guangwei, the first vice chairman of the AFCA, proposed that two countries accelerate the opening of bilateral finance, broaden the financing channels of enterprises, innovate the Sino-Russian financial cooperation model with the help of financial technologies, and give play to role of the industry associations for the deepening of Sino-Russian financial cooperation.

Wang Tianwen, a senior executive of CEIS, said that the CEIS rolled out the Sino-Russian (Harbin) economic and trade index in June, aiming to create a "barometer" and "wind vane" for Sino-Russian trade through the quantifiable index system.

He added that CEIS has attached great importance to financial information services and provided services to more than 20,000 institutional users through its national financial information platform "Xinhua Finance", the Belt and Road-centered comprehensive information service platform "Xinhua Silk Road", the national credit information service platform "Xinhua Credit" and the "Xinhua Indices".

With the deepening of the Sino-Russian relations and upon the Belt and Road Initiative, many Chinese enterprises entered the Russian market. In the first half of 2019, Chinese automotive brands sold 16,000 vehicles in Russia, accounting for two percent of the Russian auto market.

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