There is huge potential for cooperation between China and Russia
in the automotive trade, an official with the Ministry of Commerce
said at the first Sino-Russian forum on the auto market on
Sunday.
Zhi Luxun, who is in charge of machinery and scientific and
technological industries with the ministry, based his judgment on
the fact that China has become a major motor vehicle producer and
consumer in the world, while Russia boasts a sharp competitive edge
in the auto industry and a comfortable investment climate for the
sector.
In 2006 China explored new markets for motor vehicles and auto
parts, in Europe. During the process, Russia's potential for
automotive trade began to emerge, Zhi said.
China exported US$460 million worth of automotive products to
Russia last year, a growth of 161.8 percent over the previous year,
according to the Ministry of Commerce.
Of the total, whole-vehicle exports stood at 38,000 units, up
331.9 percent, or US$350 million worth, up 312.5 percent. Exports
of auto parts increased by 20.7 percent to US$110 million.
(Xinhua News Agency June 18, 2007)