Despite Western sanctions, China significantly increased its trade with Russia in 2023. In January-November, the trade turnover between the two countries has already reached 218.2 billion dollars. This is evidenced by statistics of the General Administration of Customs of the People's Republic of China, reports UNN.
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The volume of Sino-Russian trade for 11 months exceeded the figure of $190 billion last year, which was considered a record. Statistics show that compared to January-November last year, this year's trade turnover between China and Russia jumped by almost a third - by 26.7
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Thus, in November alone, China's trade with Russia amounted to $21.5 billion, the highest figure for a single month since February last year, when Moscow launched a full-scale invasion of Ukraine.
At the same time, in November, China's exports to Russia jumped by 34% to $10.3 billion. At the same time, the growth rate of imports from Russia slightly decreased - in November, there was a 6% increase in supplies from Russia to $11.2 billion, while in October this figure was 9%.
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In 2019, Beijing and Moscow agreed to increase bilateral trade to $200 billion over the next five years, by 2024, from $107 billion in 2018.
To recap,
China is trying to defuse a ticking time bomb of hidden local government debt that could damage its banking system, as Moody's downgraded the country's credit rating.
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