Tianjin-Russia trade exceeds 3 billion yuan

This year, the economic cooperation between Tianjin and Russia has exceeded all expectations and witnessed gratifying progress.

From January to April, the import-export volume of the two sides amounted to 3.766 billion yuan ($588 million), with a year-on-year increase of 24.72 percent. Among which, exports increased by 20.51 percent and imports increased by 46.7 percent, higher than the national average.

In this context of the ever-deepening exchanges and cooperation between China and Russia, Tianjin is also on its way to push for pragmatic results with Russia in fields such as economy and trade, culture, tourism, and sports. For instance, 2018 China (Tianjin) International Fair for Investment and Trade and PECC Exposition, which attracted representatives from Irkutsk, Republic of Tatarstan, Maritime Kray, Kemerovo and Omsk, that recently wrapped up in April.

According to Tianjin Commission of Commerce, with the import-export volume between Tianjin and Russia reaching 10.5 billion yuan in 2017, the imports reaching 3.2 billion yuan, with an impressive year-on-year increase of 60.83 percent.

Up to April this year, Tianjin has set up 44 enterprises in Russia with the amount of investment reaching $55.7 million, while Russia set up 67 enterprises in Tianjin with contractual FDI reaching $96 million.

All this must be contributed to China's market diversification and "going global" strategies. According to Tianjin Commission of Commerce directors, the prime time between Tianjin and Russia is yet to come. In the second half of this year, the Commission will be invited to Russia to discuss the further cooperation between the two sides. Meanwhile, the recent series of policies introduced by state and local governments are also promoting the development of Tianjin port.