China’s Xi Jinping hails Russia cooperation as record trade beats $200 billion target

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China and Russia wrapped up a bumper year of cooperation with an annual year-end meeting in which the two vowed to deepen ties across a range of issues as record trade between them surged past a symbolic target.

Bilateral trade between China and Russia surpassed $200 billion in the first 11 months of the year, Chinese leader Xi Jinping said at a sitdown with Prime Minister Mikhail Mishustin on Wednesday – marking the achievement ahead of schedule of a goal set by Xi and Russian counterpart Vladimir Putin in 2019.

Then, the two leaders pledged to reach the $200 billion mark by 2024. Trade between their countries has continued to expand in the wake of the Kremlin’s 2022 invasion of Ukraine, growing roughly 30% in 2022 to reach a record $190 billion.

The latest trade figures showed the “strong resilience and broad prospects” for cooperation, Xi said Wednesday.

The two sides should “give full play to the advantages of political mutual trust,” and “deepen cooperation on economy, trade, energy and connectivity,” Xi said during the meeting, according to Chinese state news agency Xinhua.

China, the world’s second largest economy, emerged as a key economic lifeline for Russia after the United States and its allies cut trade and imposed sanctions following Moscow’s invasion of its neighbor – sparking criticism that Beijing is propping up Russia’s war effort, despite its claims of neutrality in the conflict and calls for peace.

Chinese leaders see Moscow as a key counterweight against a hostile West and have criticized Western sanctions. It has not