VEB.RF and Russian Trade Company in China (RTC, a subsidiary of VEB Asia Limited and Russian Export Center) organised a round-table discussion on 28 June about the prospects of increasing the Russian exports to China. The discussion was centered on the joint report by VEB and RTC entitled From Minor Flourishing to Economic Self-Sufficiency: Industrial Priorities of the 14th Five-Year Plan and Opportunities for Russia. The authors analysed the new five-year plan of China’s development adopted in March 2021 and specified high potential industries that may be worthwhile for Russian exporters.
According to the authors, the leitmotif of the new five-year plan is China’s commitment to economic self-sufficiency and import substitution in key industrial sectors and fundamental technology. “China’s striving for technological and economic self-sufficiency defined in the 14th five-year plan is directly attributable to the deteriorating political situation, enhanced range of China’s industry infrastructure, latest trade wars and the pandemic, along with China’s solid middle class with good purchasing power,” the report authors noted.
“Developing country expertise is critical for a company operating abroad and serving as ‘a window on the real world’ for a large number of exporters,” VEB.RF’s Deputy Chairman and Member of the Management Board Daniil Algulian noted in his opening remarks. “We highly appreciate RTC’s report. VEB.RF Group’s key goal is to increase Russian non-resource exports as instructed by the Russian Government and specified in VEB.RF’s strategy, and understanding the trends on the Chinese market most important for Russian exporters will help to achieve it”.
Most promising sectors specified in the report include manufacturing electric and self-driving cars, robotics, renewable energy, and production of new materials and composite materials. Russian traditional exports should be enhanced to include these areas apart from oil and gas, timber, agriculture and food production sectors where most significant progress has been made recently.
Among the speakers was Russian trade commissioner in China Alexey Dakhnovsky who confirmed the necessity of export diversification, while noting that trade ties between the two countries have been actively developing lately, especially during the pandemic. “According to Chinese customs statistics, the quarter-on-quarter growth rate was 23.6% in the first quarter of 2021, bilateral trade stood at 50.7 billion US dollars, while the Russian exports and imports reached 27.7 billion US dollars and 22.9 billion USD dollars respectively,” he said.
The participants also discussed the importance of encouraging payments in national currencies. According to the Russian embassy in China, payments in national currencies between the Russian Federation and PRC reached 25% in 2020. Chairman of RTC’s Board of Directors Artyom Sharov said that an increasing number of Chinese and Russian companies are switching over to settlements in national currencies. “We have opened an account with Shanghai branch of VTB Bank, accounts with Chinese banks, conducted several rouble-denominated transactions, and we intend to expand the settlement opportunities,” Artyom Sharov said.
The round table discussion also involved Chairman of the Management Board of Eximbank of Russia Azer Talybov, First Deputy Head of Russian Railways’ Centre for Corporate Transportation Services Alexander Khatianov, and Deputy Director of EEC’s Trade Policy Department Nurgul Aitbayeva. The event hosted more than 170 guests and was held at VEB.RF’s new venue Urban Laboratories.
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