Trade volume between China and Russia hit a record 33.4 billion US dollars in 2006, up 15 per cent from the previous year. Currently, Russia is the eighth largest trade partner of China and China is Russia’s the fourth largest trade partner. China invested in 79 projects in Russia last year and Chinese investment, excluding the financial sector, reached 470 million US dollars, up 131.5 per cent year-on-year.

Chinese funds flew to such sectors as energy, development of mineral resources, forestry, trade, light and textiles industry, household electric appliance, telecommunications, construction and services. Russia invested in 126 projects in the fields of manufacturing, construction and transportation in China last year, with contracted investment topping 230 million US dollars.

The two countries also made progress in cooperation in the sectors of energy resources, nuclear energy, high technology and aviation. Border trade between the two countries rose 25 per cent to 7 billion US dollars last year.