Trade between Russia and China is poised to accelerate, with an encouraging start anticipated for late 2023 and sustained momentum into 2024. Analysts anticipate a meaningful rise toward a record level of bilateral commerce, driven by evolving cooperation frameworks and broader access to markets. In a discussion at the Eastern Economic Forum, Alexander Vedyakhin, the First Deputy Chairman of the Board of Sberbank, emphasized that current cross‑border trade serves as a strong catalyst yet only scratches the surface of what the partnership can achieve. He urged exploring new avenues that could elevate the collaboration, highlighting that a wider toolkit is essential to unlock deeper cooperation between the two nations.
Vedyakhin underscored that cross‑border trade offers a solid entry point, but its reach faces natural boundaries. He advocates broadening cooperation channels to deliver tangible benefits for both Russia and China. A notable trend is the localization of Chinese manufacturing within Russia, particularly in the automotive sector, where roughly six out of ten vehicles are now produced domestically. Sberbank has directed substantial investment, exceeding 100 billion rubles, toward projects aimed at localizing Chinese automotive production on Russian soil. This strategic move aligns with longer‑term objectives in industrial synergy and supply chain resilience. Agriculture also stands out as a critical area because Russian agricultural exports remain a core growth engine. In 2023, exports surpassed 9 billion dollars, and momentum continues as demand for Russian agriproducts stays robust amid favorable market conditions.
Beyond physical goods, Vedyakhin highlighted the importance of widening access to digital marketplaces. He argued that joint operations should not be confined to large distribution networks but should also leverage e‑commerce platforms where direct, efficient access can dramatically reduce margins and broaden reach. This digital dimension represents a substantial portion of future growth, especially in a landscape where consumer behavior increasingly favors online purchasing and rapid fulfillment. Investment incentives, including free economic zones, are identified as priority development zones that can accelerate collaboration between Russia and China by providing favorable regulatory environments and streamlined procedures.
Technology and innovation feature prominently in the strategy as well. While China is widely recognized as a global technology leader, Russia also possesses strengths that complement its partner. The discussion covers areas such as artificial intelligence, including large language models and related AI solutions, where cross‑border collaboration could foster mutual advancement and practical applications across industries.
In a broader context, the strategy notes that Sberbank has previously signaled its commitment to helping Chinese companies enter the Russian market. A practical example of this commitment is the preparation of a dedicated guide aimed at assisting Chinese enterprises in navigating Russia’s regulatory environment, market conditions, and business practices. This resource is designed to streamline market entry, reduce friction, and accelerate joint ventures, technology transfer, and co‑investment initiatives.