China-Russia Economic and Trade Cooperation Sub-Committee convenes 28th meeting in Beijing

China's Minister of Commerce Wang Wentao and Russia's Minister of Economic Development Maxim Reshetnikov co-chaired the 28th meeting of the Sub-committee for China-Russia Economic and Trade Cooperation in Beijing on Sunday, according to an announcement released by the Ministry of Commerce (MOFCOM) on Monday.

The sub-committee is under the regular meeting between Chinese and Russian heads of government mechanism.

Wang noted that in recent years, under the strategic guidance of the two heads of state, China-Russia economic and trade relations have maintained steady and healthy development.

"China is willing to promote the upgrading of bilateral goods and services trade, expand cooperation in emerging fields such as the digital economy and e-commerce, enhance sub-national economic and trade exchanges, and jointly safeguard the multilateral trading system with the World Trade Organization at its core," said Wang.

Reshetnikov stated that Russia is committed to sustaining stable bilateral trade growth, expanding exports of high-quality Russian products to China through cross-border e-commerce, welcoming Chinese enterprises to invest in Russia and strengthening communication and coordination within regional cooperation mechanisms such as BRICS, the Shanghai Cooperation Organisation, and G20.

During the meeting, working groups under the subcommittee reported progress in relevant fields.

China and Russia have set a model for the world on building new-type international relations as well as on developing cooperation between major countries and between the countries as each other's biggest neighbor, read a bilateral joint statement released in May, according to the Xinhua News Agency.

China and Russia are each other's important trade partner, and the two sides agree that the bilateral mutually beneficial cooperation has strongly contributed to the improvement of the well-being of the two peoples, the statement said.

To further enhance the cooperation, China and Russia have agreed to push for a stable expansion of two-way trade with an optimized structure through lifting the share of high-tech products and fostering innovative forms of e-commerce, among other efforts, the statement said.