Bilateral trade grew by 26 percent in 2023, reaching a record high of $237 billion at the beginning of 2024 — but that growth slowed to a trickle in 2024, down to just 1.9 percent, and now trade between Russia and China is in outright decline. China was eager to sell cars to Russian buyers, creating an income stream for the Chinese auto industry that would lie outside of American and European anti-dumping tariffs and trade restrictions, but Russia imposed heavy new taxes on imported cars, effectively forcing foreign automakers to subsidize Russia’s struggling domestic auto industry. Wang said the two nations shared a desire to “deepen comprehensive strategic cooperation, promote each side’s development and revitalization, and jointly respond to the challenges of a turbulent and changing world.”
Author: John Hayward, John Hayward
Published at: 2025-07-14 20:47:54
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