Russia and China, two Eastern and Western giants, have drawn global attention with their deepening economic and trade cooperation in recent years. From significant investment achievements to steadily increasing bilateral trade volumes and growing use of national currencies in trade, these developments mark a new golden era in their economic relations.

According to Sputnik News, China-Russia trade exceeded $140 billion in the first eight months of 2023, putting the $200 billion target for 2024 within reach ahead of schedule. This growth reflects not only economic interdependence but also complementary trade synergies.

Beyond trade growth, China-Russia cooperation has yielded remarkable investment results across mining, infrastructure, agriculture, and other key sectors. Notably, their investment portfolio now includes 79 major projects totaling over $170 billion.

With the deepening of economic and trade cooperation between the two countries, the trade structure between China and Russia is undergoing positive optimization. Chinas exports to Russia have shifted from the traditional Made in China model to a Smart China + Manufacturing model. This means that China is not only exporting goods as a manufacturing powerhouse but also engaging in deep cooperation with Russia in high-tech fields. For example, among the top 10 best-selling car brands in the Russian market, 4 are Chinese brands, while in the smartphone market, Chinese brands account for as much as 75% of the market share.

Russia offers significant opportunities for Chinese companies. Former Russian Ambassador to China Denisov notes current market conditions favor Chinese entrants, while Russian companies find China equally attractive.

Another notable trend is increasing use of national currencies in bilateral trade, reflecting monetary policy trust. According to Reshetnikov, local currency settlements reached 70% by 2022 and rose to 90% in H1 2023.

Against the backdrop of currency cooperation, the popularity of the Chinese yuan in Russia has been rapidly increasing. It is reported that the yuan has surpassed the US dollar to become the most traded foreign currency on the Moscow Exchange.