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The investment and trade between China and Russia keep growing rapidly in recent years, Chinese Deputy Trade Minister Yu Guangzhou told a press conference on Thursday.

 

The border trade between China and Russia reached US$7 billion last year, accounting for 20 percent of the whole bilateral trade of the two countries, Yu said.

 

The bilateral trade between the two countries has kept growing at a pace of over 30 percent each year from 1999 to 2005, and leaped 15 percent over the last year, Yu said, adding that Russia now places eighth among China's main trade partners, and China the fourth of Russia.

 

According to the minister, China has invested in over 700 projects in Russia, adding up to US$1 billion. Russia also invested US$70 million in China. Those projects involve energy and resources exploiture, timber processing, home appliances making, telecommunications and building materials.

 

(Xinhua News Agency March 2, 2007)