The Heilongjiang Province to provide update on major construction projects in Russia in order to increase exports of hi-tech products

In 2016, the Heilongjiang Province (China) set a goal providing for a 5% increase in trade turnover with Russia and 2% increase in investments into the Russian economy.

The Heilongjiang Province to provide update on major construction projects in Russia in order to increase exports of hi-tech products

In 2016, the Heilongjiang Province (China) set a goal providing for a 5% increase in trade turnover with Russia and 2% increase in investments into the Russian economy.

In 2015, due to a series of factors, including fall of global prices for raw materials and devaluation of the Russian national currency, trade turnover between Heilongjiang and Russia reduced by 53.4% to US$10.85 billion. In the previous year, Russia accounted for 51.7% of Heilongjiang's total foreign trade turnover. In addition, the Heilongjiang Province accounted for 16% in total trade turnover between China and Russia.

To optimize trading patterns, Heilongjiang's Trade Departments of various levels in association with the research organizations charged with the studying of the Russian market and the neighboring country's development plans intend to identify the Russian Regions expected to host advanced development areas and construct power plants, motor roads, railway lines, airports, sea and river ports as well as the Russian Regions being in need of construction machinery and materials.

The creation in the Chinese province of bases for the processing industry focusing on exports to Russia is a vital step made to expand exports from the Heilongjiang Province to Russia. In 2016, the province's administration plans to increase the number of such bases to reach one hundred being able to supply export products for a total amount of US$5 billion.