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Putin on trade boosting visit to China


Putin on trade boosting visit to China


Russian President Vladmir Putin has held talks with Chinese leaders aimed atboosting trade.

China is reported to be willing to sign a document supporting Russia’s bid to become a member of the World Trade Organisation. Ties between the two countries are based mostly on Russia’s energy and raw material supplies to China. Trade between Russia and China has grown steadily since the late 1980s and Putin is said he aims for it to grow even more over the next few years. China, the world’s seventh-largest economy, is scouring the world to secure more crude oil after record imports this year. However, a plan by the oil giant Yukos to lay a pipeline to deliver up to 30 million tonnes of oil a year to China stalled after Putin said he would prefer it to run to Russia’s Pacific coast. Putin has made no mention of another project to run a gas pipeline to China from Siberia which was stalled after the gas giant Gazprom muscled in on the deal, however Gazprom and the Chinese oil company CNPC are expected to sign a partnership deal during Putin’s visit. .
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