US companies continue business with China, despite growing Beijing-Moscow Axis

0 1,634

Russian-Chinese trade rose 29.4 percent to $59.3 billion between January and July compared to the same period last year.

The balance was released this Friday by the Federal Customs Service of Russia.

Russian exports to China grew 46.5%, reaching US $30.6 billion, while imports grew 15.1%.

China’s share of Russia’s foreign trade rose 1 percent in the period, to 15.5 percent in the first seven months of this year.

The numbers reflect a close relationship between countries. China has been one of Russia’s largest trading partners in recent years.

- Advertisement -

In 2018, in particular, Beijing’s trade has been affected by tariffs imposed by the United States, which has led China to increase its trade ties with other countries, including Russia.

Meanwhile, Beijing waved positively at the proposed construction of a chemical plant by the North American oil and gas corporation, ExxonMobil, in southeastern China.

The positive statement came from the Chinese State Council’s Prime Minister Li Keqiang, who said on Friday that the plant will help China meet growing domestic demand for chemicals.

“China welcomes the construction of a large ExxonMobil plant in its territory… We hope that foreign companies, including ExxonMobil, will gain advantages through the opportunity to develop cooperation with China, based on market laws and basic principles of trade,” Li said during a meeting with ExxonMobil CEO Darren Woods.

The company said on Wednesday it would sign a cooperation agreement with the Guangdong Provincial People’s Government to advance discussions on the proposed construction of the plant in the Huizhou Dayawan Petrochemical Industrial Park, which will provide thousands of jobs to Chinese people.

According to the company, the multibillion dollar project is still under analysis to become a final investment decision, to which the company’s decision to move forward still depends on factors such as permissions and assessment of competitiveness. The launch of the project, however, is planned for 2023.

Subscribe to our newsletter
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.

Get real time updates directly on you device, subscribe now.

Comments