Chinese Commerce Minister Chen Deming and Russia Economic Development Minister Elvira Nabiullina presided over the 12th session of the Sino-Russian Economic and Trade Cooperation Sub-Committee Meeting in Beijing on August 28. The two sides made a positive assessment on the achievements made by the Sub-Committee over the past year, and had an in-depth exchange of views on the key issues of the bilateral economic and trade cooperation, and made preparations in economy and trade for China – Russia prime ministers' regular meeting to be held this year.

Chen Deming pointed out that, although Sino-Russia's trade declined this year due to global financial crisis, fundamentals of bilateral trade and economic cooperation remain positive. China's direct investment in Russia in the first half of this year reached to USD166 million, 3 times that in the same period last year, and Russia's new investment increment in China are up by more than 50% compared with the previous year . China-Russian cooperation in large-scale projects in such areas as energy, space, resource development and high-tech is significantly speeding up, and China's technology import from Russia surpassed last year's total.

Chen Deming said that China is ready to further strengthen cooperation with Russia, and work hard to overcome the impact of financial crisis on bilateral trade and economic cooperation. China will encourage and support two way investment by enterprises of the two countries especially in such areas of mechanical manufacturing, construction engineering, transport and logistics, agriculture, energy and resources development, science and technology R&D, further improve trade structure to increase share of electrical and mechanical products in bilateral trade, improve infrastructure at Sino-Russian border port, and vigorously develop economic and trade cooperation in border areas of the two countries, and strengthen cooperation in areas of wood processing, trading in agro-produce and special economic zones, so as to enhance the overall level of bilateral economic and trade relations.

For Sino-Russian trade order, Chen Deming stressed that China hope that the Russian side continue to take good care of the pending issue on closure of Russia's large market, make sure that the lawful rights of Chinese citizens can be safeguarded, and provide necessary legal assistance and information services for Chinese businessmen in Russia, Chinese government will also take measures and give guidance to China enterprises and businessmen to speed up readjustment in business operation in Russia.

Elvira Nabiullina said that although the financial crisis inflicted impact on Sino-Russian trade, bilateral trade has solid foundations and good prospects. Russia would like to work together with the Chinese side, to further promote exchanges by enterprises of the two countries, expand two-way investment, as well as economic and trade cooperation in border areas. Russia understands China's concerns over the closure of the large market, and will take necessary measures to protect the rights and interests of Chinese businessmen in Russia, and is willing to maintain communication and cooperation with China to promote standardization in trade.

Representatives from related government departments, local and business associations, and enterprises of the two countries attended the meeting.