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BEIJING, July 5 (Reuters) - China's Commerce Minister told foreign pharmaceuticals firms they can expect "more development opportunities" during a roundtable on Wednesday, his ministry said, as drugmakers bemoan government procurement policies pricing them out of the market. Foreign pharmaceuticals firms have struggled to cement any inroads they have made into the world's second-largest economy, with the government maintaining a drug procurement programme that forces them to slash their prices and refusing to approve the use of any foreign COVID-19 vaccines during the pandemic. But as China pursues home-grown modernisation it will also open up "more development opportunities for foreign-funded enterprises, including the pharmaceutical industry," Wang told the meeting. Wang told the meeting on Wednesday that his ministry will expand the channels of communication for responding to and solving concerns, with the meeting resulting in 25 specific suggestions to be taken forward. Reporting by Joe Cash; Additional reporting by Kevin Yao;Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

Persons: Roche, Takeda, Wang Wentao, Wang, Li Qiang, Li, drugmakers, Joe Cash, Kevin Yao, Elaine Hardcastle Organizations: China's Commerce, AstraZeneca, Bayer, Merck, Novo Nordisk, Pfizer, Sanofi, Moderna, Wednesday, Economic, Thomson Locations: BEIJING, China, Tianjin

☆ China's previous monetary stimulus 'just isn't working,' a private survey shows
▼ + stars: | 2023-06-30 | by ( Clement Tan | ) www.cnbc.com time to read: +3 min

"For months, analysts have pumped the idea that Beijing has little choice but big-bang monetary easing," said Leland Miller, chief executive of China Beige Book. Shehzad Qazi Managing director, China Beige BookAs the report pointed out, "We already have monetary stimulus, it just isn't working." Major Wall Street banks — from Goldman Sachs and Bank of America to UBS and Nomura — recently cut their China growth projections. China Beige Book's survey involved 4,604 respondents in China across two periods: in mid-April, and from mid-May to mid-June. Derek Scissors Chief economist, China Beige Book

Persons: Leland Miller, it's, Shehzad Qazi, Goldman Sachs, Premier Li Qiang, Derek Scissors Organizations: Getty, People's Bank of China, China, Bank of America, UBS, Nomura, realtors, Premier Locations: China, Beijing, U.S

☆ China unveils sweeping foreign policy law as Xi consolidates power — and aims to counter the US
▼ + stars: | 2023-06-29 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +7 min

Hong Kong CNN —China has unveiled a sweeping foreign relations law enshrining its right to impose “countermeasures” against actions that it deems a threat – in Beijing’s latest bid to bolster its position amid strained relations with the West. “This is the first comprehensive foreign relations law … but it (reads) more like Xi Jinping’s foreign policy declaration,” Zhao said, adding that its release comes at a moment when Xi is focused on countering what it sees as US efforts to contain China. “The party, not the government, runs China’s foreign relations. The law also includes China’s pledge to promote “high-level opening-up” of its economy, development of foreign trade and and encouraging and legally protecting foreign investment. In recent months, a campaign against consulting and due diligence firms has unnerved foreign businesses in China.

Persons: enshrining, Antony Blinken, Jinping, –, Zhao Leji, “, Xi, Washington, Lockheed Martin, Suisheng Zhao, University of Denver’s Josef, ” Zhao, ”, China’s, Sung, Li Qiang, Zhao Organizations: Hong Kong CNN, West, Global Times, Lockheed, Raytheon, Communist Party, Center for, Cooperation, University of Denver’s, University of Denver’s Josef Korbel School of International Studies, Australian National University’s Taiwan Studies Locations: Hong Kong, China, Beijing’s, Beijing, China’s, United States, Ukraine, Taiwan, Center for China, Tianjin, Europe, Denver

☆ LVMH owner Bernard Arnault reportedly visits China after luxury spending rebound
▼ + stars: | 2023-06-28 | by ( Laura He | ) edition.cnn.com time to read: +4 min

LVMH reported its first-quarter sales surged 17% from a year ago, beating analyst expectations, driven by a rebound in China’s luxury market from the downturn it experienced during the pandemic. Luxury goods spending bounced back more quickly than any other sector in the first quarter. Although the economic momentum has lost steam in the past couple of months, growth in luxury goods sales has accelerated. China was one of the world’s largest luxury goods markets before Covid hit. Bain & Co. estimated earlier this year that Chinese consumer spending accounted for around 17% of the global luxury market in 2022.

Persons: Hong Kong CNN — Bernard Arnault, Elon Musk, Morgan, Jamie Dimon, Musk, Caijing, Christian Dior, LVMH didn’t, LVMH, ”, Jean, Jacques Guiony, “, Li Qiang, ” Li Organizations: Hong Kong CNN, LVMH, WF, CNN, Consumers, Bain & Co Locations: Hong Kong, China, Beijing, ” Beijing

☆ New Zealand signs range of pacts with China
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: 1 min

[1/5] Chinese Premier Li Qiang and New Zealand Prime Minister Chris Hipkins shake hands during a signing ceremony at the Great Hall of the People in Beijing on June 28, 2023. JADE GAO/Pool via REUTERSSYDNEY, June 28 (Reuters) - New Zealand said on Wednesday it had signed a range of cooperative arrangements with China on trade, agriculture, forestry, education, and science and innovation. New Zealand Prime Minister Chris Hipkins and Chinese Premier Li Qiang also discussed the Indo-Pacific region, tensions in the South China Sea and Taiwan Strait, Wellington said in a statement. Reporting by Lewis Jackson in Sydney, editing by Alasdair PalOur Standards: The Thomson Reuters Trust Principles.

Persons: Li Qiang, Chris Hipkins, JADE, Lewis Jackson, Alasdair Pal Organizations: Zealand, of, People, JADE GAO, REUTERS, Thomson Locations: Beijing, REUTERS SYDNEY, New Zealand, China, South, Sea, Taiwan Strait, Wellington, Sydney

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 26, 2023. Asian shares received a boost from Chinese Premier Li Qiang saying Beijing will roll out policies to boost China's economy. But the positive market sentiment faded in early European trading, with the pan-European STOXX 600 down 0.4% by 1149 GMT (.STOXX). MSCI's Europe index (.MSER) was down 0.1%, London's FTSE 100 lost 0.3% and Germany's DAX declined 0.1% (.GDAXI). It hit a seven-month high against China's yuan as investors braced for the possibility of China doing more to support the currency.

Persons: Li Qiang, Germany's DAX, Hani Redha, Christine Lagarde, Analysts, Wagner, Vladimir Putin's, Michael Hewson, Shunichi Suzuki, Elizabeth Howcroft, Ed Osmond, Mark Heinrich Our Organizations: REUTERS, Staff LONDON, PineBridge Investments, U.S . Federal Reserve, Nasdaq, Monetary, European Central Bank, Wagner Group, CMC Markets, U.S, ECB, U.S ., Finance, Thomson Locations: Frankfurt, Germany, Europe, United States, Beijing, Russia, U.S, China

☆ S&P 500, Nasdaq futures edge higher ahead of economic data
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Growth stocks rise in early tradeWalgreen Boots slides after profit warningInvestors await data, Powell speechFutures: Dow off 0.05%, S&P up 0.15%, Nasdaq climbs 0.39%June 27 (Reuters) - Futures tracking the S&P 500 and Nasdaq rose on Tuesday, ahead of economic data that could offer hints on the Federal Reserve's monetary tightening plans, while a profit warning from Walgreen Boots weighed on Dow futures. Market participants are focusing on economic data and the European Central Bank Forum in Sintra, Portugal where several key policymakers including Fed Chair Jerome Powell will speak this week. ET, Dow e-minis were down 18 points, or 0.05%, S&P 500 e-minis were up 6.75 points, or 0.15%, and Nasdaq 100 e-minis were up 58 points, or 0.39%. Snowflake (SNOW.N) climbed 3.5% after the cloud data analytics company announced partnership with Nvidia (NVDA.O) to allow customers to build AI models using their own data. Reporting by Sruthi Shankar and Ankika Biswas in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Powell, Boots, Jerome Powell, Stuart Cole, Premier Li Qiang, Bernstein, Sruthi Shankar, Ankika Biswas, Shinjini Organizations: Dow, Nasdaq, Federal, Walgreens Boots Alliance, Nvidia, European Central Bank, Dow e, Alibaba, Premier, Google, Foxconn, Thomson Locations: megacap, Sintra, Portugal, U.S, Bengaluru

☆ China slams the West for 'hyping up' the concept of 'de-risking.' Here's what it means and why China is so worried.
▼ + stars: | 2023-06-27 | by ( Spriha Srivastava | ) www.businessinsider.com time to read: +4 min

The US-China trade war has impacted manufacturing exports, particularly in the semiconductor industry. Opening Plenary with Li Qiang, Premier of the People's Republic of China World Economic Forum/Benedikt von LoebellWhy does de-risking matter? According to the Peterson Institute for International Economics, the trade war of 2018-19 devastated US exports to China. A big sticking point for the two nations is the US manufacturing exports to China. "Prior to the trade war, manufacturing was 44 percent of total US goods and services exports to China — the largest component of pre-trade war commerce.

Persons: Li Qiang, Li, —, Ursula von der Leyen, Benedikt von Loebell, Trump, Morgan, JP Morgan Organizations: Service, European, Economic, Peterson Institute for International Economics, Peterson Institute, Semiconductor Industry Association Locations: China, West, Davos, Tianjin, decouple, People's Republic of China, China —, East Asia, Taiwan, South Korea

☆ China's growth to be higher in Q2, projected to hit annual 5% target - Premier Li
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

TIANJIN, China, June 27 (Reuters) - China's economic growth in the second quarter will be higher than the first and was projected to reach the annual economic growth target of around 5%, China's Premier Li Qiang told delegates at the World Economic Forum in Tianjin on Tuesday. However, analysts are now downgrading their economic growth forecasts for China for the rest of the year. The pandemic is unlikely to be the last public health crisis the world faces, Li said, adding that it will be over and visible and invisible barriers will disappear. The trend of globalisation remains intact despite some setbacks, said the Chinese premier, reiterating a key theme of his since taking up his post that China remains open for business and welcomes foreign investors. Reporting by Kevin Yao; Writing by Joe Cash; Editing by Michael PerryOur Standards: The Thomson Reuters Trust Principles.

Persons: Li Qiang, Li, Kevin Yao, Joe Cash, Michael Perry Organizations: China's, Economic, Thomson Locations: TIANJIN, China, Tianjin, Beijing

☆ China opens its doors to the world by kicking off its first in-person 'Summer Davos' since the pandemic
▼ + stars: | 2023-06-27 | by ( Spriha Srivastava | ) www.businessinsider.com time to read: +3 min

The Chinese city of Tianjin is hosting the World Economic Forum's "Summer Davos." Chinese Premier Li Qiang opened the conference, acknowledging global challenges and warning about future public health crises. Saudi Arabia has sent a top delegation to the event, reflecting the importance of its oil trade relationship with China. C-suite executives, government officials, and media members from all over the world have made their way to attend the first in-person World Economic Forum, or WEF, event in China since the pandemic began. The WEF's three-day "Summer Davos" will see over 1,500 participants discuss topics centered around "Entrepreneurship: The driving force of the global economy."

Persons: Li Qiang, —, Li, PASCAL BITZ, Xi Jinping Organizations: Service, Entrepreneurship, New, People's, Economic, China's, Financial Times Locations: Tianjin, Davos, Saudi Arabia, China, Local, People's Republic of China, Kingdom

☆ China's economy is set to grow faster in the second quarter, Premier Li Qiang says
▼ + stars: | 2023-06-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Chinese Premier Li Qiang attends a meeting on June 26, 2023, with the Director-General of the World Trade Organization ahead of the World Economic Forum New Champions meeting in Tianjin, China. Pool | Getty Images News | Getty ImagesBEIJING — Chinese Premier Li Qiang said Tuesday his country was still on track to reach its annual growth target of around 5%. Li was speaking at the opening plenary of the World Economic Forum's Annual Meeting of the New Champions. On Tuesday, the Chinese premier repeated the line about forecast upgrades, again without mentioning specific institutions or dates. In June, the World Bank raised its forecast for China's growth this year to 5.6%, up from 4.3% previously.

Persons: Li Qiang, Li, Xi Jinping, Goldman Sachs Organizations: World Trade Organization, Getty, New, JPMorgan, UBS, Bank of America, Bank, Monetary Fund Locations: Tianjin, China, BEIJING

☆ Wall Street rises after upbeat economic data, recovery in megacaps
▼ + stars: | 2023-06-27 | by ( Sruthi Shankar | ) www.reuters.com time to read: +3 min

New home sales and consumer confidence data are due later in the day. A winning run on Wall Street came to a halt last week after Powell said there were more rate hikes on the cards. Snowflake (SNOW.N) climbed 2.6% after the cloud data analytics company announced partnership with Nvidia (NVDA.O) to allow customers to build AI models using their own data. The S&P index recorded eight new 52-week highs and one new low, while the Nasdaq recorded 18 new highs and 48 new lows. Reporting by Sruthi Shankar, Johann M Cherian and Ankika Biswas in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Powell, Peter Andersen, Jerome Powell, Premier Li Qiang, Bernstein, Sruthi Shankar, Johann M Cherian, Ankika Biswas, Shinjini Organizations: Dow, Nasdaq, Commerce Department, Reuters, Fed, Andersen Capital Management, European Central Bank, Dow Jones, Nvidia, Meta, Citigroup, Alibaba, Premier, Google, Walgreens Boots Alliance, Lordstown Motors, Foxconn, NYSE, Thomson Locations: Sintra, Portugal, U.S, Bengaluru

☆ CNBC Daily Open: Tech, meet reality
▼ + stars: | 2023-06-27 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Microsoft wants explosive growthMicrosoft CEO Satya Nadella wants the tech giant to hit $500 billion in revenue by fiscal 2030, according to a court filing. Indeed, Nadella sketched out a "20/20" goal, which involves growing revenue and operating income by 20% year over year. Wilson, who predicted the fall in markets last year, thinks the S&P 500 will drop to 3,900 in the fourth quarter.

Persons: Vladimir Putin, Joe Biden, Satya Nadella, Nadella, Li Qiang, Amin Nasser, Wilson, Morgan Stanley's Organizations: CNBC, Tech, Stock, Japan's Nikkei, Wagner, Microsoft, New Locations: Asia, Pacific, Moscow, Russian, U.S, China, India, That's

☆ Premier Li urges China and Europe to 'rise above differences' at Paris summit
▼ + stars: | 2023-06-23 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +1 min

[1/2] Chinese Premier Li Qiang arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. "China will unequivocally reject trade protectionism and all forms of decoupling and severing of supply chains," Li said on the final day of the two-day summit, adding that China would continue to take practical steps to support its fellow developing countries. "China is ready to be engaged in debt relief efforts in an effective, realistic and comprehensive manner in keeping with the principle of fair burden sharing," Li said. During the summit, Zambia struck a deal to restructure $6.3 billion in debt owed to other governments, including China, its largest official creditor. Reporting by Casey Hall Editing by Christina Fincher & Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Li Qiang, Read, Li, Casey Hall, Christina Fincher, Simon Cameron, Moore Organizations: New Global Financial, Thomson Locations: Paris, France, SHANGHAI, China, Europe, Zambia

☆ Germany's approach to China is 'a marked contrast' to the U.S. one, analyst says
▼ + stars: | 2023-06-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGermany's approach to China is 'a marked contrast' to the U.S. one, analyst saysNeil Thomas, a fellow in Chinese politics at the Asia Society Policy Institute, discusses German Chancellor Olaf Scholz's meeting with Chinese Premier Li Qiang, noting the differences in language that Scholz and U.S. Secretary of State Antony Blinken have used with China.

Persons: Neil Thomas, Olaf Scholz's, Premier Li Qiang, Scholz, Antony Blinken Organizations: Asia Society Policy Institute, Premier Locations: China

☆ E.U. Takes Aim at China in Proposed Economic Strategy
▼ + stars: | 2023-06-20 | by ( Matina Stevis-Gridneff | ) www.nytimes.com time to read: +1 min

The European Commission on Tuesday unveiled a new trade doctrine aimed at curbing China’s ability to squeeze Europe’s economy, and at preventing European companies from exporting sensitive, military-linked technology that could give China an edge. The policy, still in its early stages, highlights how the European Union is seeking to align itself with the United States in limiting China’s access to sensitive markets and industrial secrets. The announcement in Brussels came in a busy week for Europe-China relations. The Chinese premier, Li Qiang, is visiting Germany, where he met with Chancellor Olaf Scholz and business leaders on Tuesday before heading to meetings in France. The initiative also underscores how the European Union, one of the world’s biggest economies and a key trade partner to both China and the U.S., is trying to manage its economic dependence on Beijing and avoid the kind of economic breakup with Russia that followed the invasion of Ukraine.

Persons: Li Qiang, Chancellor Olaf Scholz Organizations: European Commission, European Union Locations: China, United States, Moscow, Brussels, Europe, Germany, France, U.S, Beijing, Russia, Ukraine

China became Germany's single biggest trade partner in 2016 and is a core market for top German companies including Volkswagen (VOWG_p.DE), BASF (BASFn.DE) and BMW (BMWG.DE). "They know German companies will run up direct channels to the chancellery," said Andrew Small, a senior fellow at the German Marshall Fund's Asia program. The talks come after Antony Blinken on Sunday became the first U.S. secretary of state to visit China in five years, stressing the importance of keeping open lines of communication to reduce the risk of miscalculation. The Chinese delegation will meet with some of those CEOs on Monday, according to people familiar with the plans. The Chinese delegation will head to Paris for an official visit and to attend a financial conference on June 22 to 23.

Persons: Olaf Scholz, Fabrizio Bensch, China Scholz, Scholz, Li Qiang, Li, Wang Yiwei, Andrew Small, Marshall, Mikko Huotari, Antony Blinken, Sarah Marsh, Andreas Rinke, Laurie Chen, John Geddie, Giles Elgood Organizations: REUTERS, Volkswagen, BASF, BMW, Centre, European Studies, Renmin University of China, Greens and Free Democrats, Social Democrats, Analysts, Mercator Institute for China Studies, Sunday, Thomson Locations: Berlin, Germany, China, Beijing, Munich BERLIN, Europe, European Union, Asia, Munich, Bavaria, Paris

☆ 6 photos of Elon Musk's visit to China, from a 16-course dinner to meetings with Chinese officials
▼ + stars: | 2023-05-31 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

Photos from the visit show Musk's private jet landing and the Tesla CEO's 16-course meal. Elon Musk touched down in China for the first time in three years on Tuesday — a key trip for the Tesla chief. Musk met with Chinese Foreign Minister Qin Gang. Musk is one of several US CEOs to visit China in recent months. Some analysts have hailed Musk's visit to China as a positive sign.

Persons: Elon Musk, Musk, Elon, Tingshu Wang, Ma, Jack Ma, Tom Zhu, Grace Tao, Qin Gang, Qin, he's, Zeng Yuqun, Fu Yan, Jin Zhuanglong, Tesla, CNBC's David Faber, Li Keqiang, Li Qiang, Dan Ives Organizations: Morning, Tesla, Twitter, REUTERS, Reuters, Tesla's, Beijing REUTERS, Chinese Ministry of Commerce, Foreign, China's Ministry of Foreign Affairs, Amperex Technology, Weibo, Associated Press, Apple, Getty Locations: China, Beijing, Austin , Texas, Anchorage , Alaska, People's Republic of China, Shanghai

☆ Tesla's Musk open to expanding in China - foreign ministry
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +4 min

Musk also told Qin in the meeting that he opposed a decoupling of the U.S. and Chinese economies, according to a statement from the Chinese foreign ministry. Qin told Musk China was committed to improving the business environment for investors, including Tesla, and used an elaborate driving metaphor to describe China-U.S. relations. /Photo prise le 30 mai 2023/REUTERS/Tingshu WangIn a 2019 trip to China, Musk met with then-Premier Li Keqiang. A year later, he created a buzz on Chinese social media for dancing onstage to celebrate the opening of Tesla's Shanghai factory. While his plane was en route to China, Musk tweeted about advances in China's space programme, which aims to land a crew on the moon before 2030.

☆ Elon Musk's private jet has landed in Beijing - Reuters witness
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +3 min

BEIJING, May 30 (Reuters) - A private jet used by Tesla Inc (TSLA.O) CEO Elon Musk has arrived in Beijing, according to a Reuters witness. Tesla did not immediately respond to a request for comment on whether Musk had arrived in China. China is Tesla's second-largest market after the U.S., and the Shanghai plant is the electric car maker's largest production hub. The jet with its identifying tail number could be seen at Beijing Capital International Airport on Tuesday, according to the Reuters witness. While his plane was en route to China, Musk tweeted about advances in China's space program, which aims to land a crew on the moon before 2030.

☆ Musk expected to visit China this week, meet officials, sources tell Reuters
▼ + stars: | 2023-05-29 | by ( ) www.cnbc.com time to read: +2 min

Tesla Chief Executive Elon Musk is expected to visit China this week, three people with knowledge of the matter said, in what would be his first trip to the country in three years. Musk is expected to meet senior Chinese officials and to visit Tesla's Shanghai plant, two of the sources said. China is Tesla's second-largest market after the United States, and its Shanghai plant is the electric carmaker's largest production hub. The company has submitted plans to local authorities to expand capacity for producing powertrains at the Shanghai plant to 1.75 million units annually. In the same interview, Musk said tensions between the United States and China "should be a concern for everyone."

☆ Musk expected to visit China this week, meet officials - sources
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +2 min

HONG KONG/SHANGHAI, May 29 (Reuters) - Tesla (TSLA.O) Chief Executive Elon Musk is expected to visit China this week, three people with knowledge of the matter said, in what would be his first trip to the country in three years. Musk is expected to meet senior Chinese officials and to visit Tesla's Shanghai plant, two of the sources said. China is Tesla's second-largest market after the United States, and its Shanghai plant is the electric carmaker's largest production hub. The company has submitted plans to local authorities to expand capacity for producing powertrains at the Shanghai plant to 1.75 million units annually. Tesla is building a plant in Mexico expected to produce a lower-cost electric car built on its next-generation platform.

☆ Putin rips into countries that 'impose their rules' on others just 15 months after Russia invaded Ukraine
▼ + stars: | 2023-05-24 | by ( John Haltiwanger | ) www.businessinsider.com time to read: +4 min

Putin exhibited a stunning lack of self-awareness as he slammed countries that try to "impose" on others. Putin ordered the invasion of Ukraine last February, sparking the largest conflict in Europe since WWII. Amid Russia's ongoing, unprovoked invasion of Ukraine, the Russian leader slammed countries that act with "complete disregard of other countries' sovereignty, national interests and traditions." Russia's invasion of Ukraine has also rapidly reshaped Europe's security apparatus, pushing Finland and Sweden — two historically neutral countries — to move to join NATO. Mishustin during the visit said that relations between the two countries were "at an unprecedented high level," per the Associated Press.

☆ Russia predicts trade with China will hit record $200 billion in 2023
▼ + stars: | 2023-05-24 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Trade between Russia and China is expected to hit a new record level of $200 billion this year, according to Russian Prime Minister Mikhail Mishustin during his trip to China, as Moscow faces growing isolation from the West. Last year, bilateral trade jumped nearly 30% to a record $190 billion, mainly boosted by China buying Russian energy. This year, their trade continued to surge, up 41% in the first four months, according to Chinese customs figures. Russian Prime Minister Mikhail Mishustin and Chinese Premier Li Qiang attend a welcoming ceremony in Beijing on May 24, 2023. The two countries have also planned to build the Power-of-Siberia 2 pipeline to deliver more Russian gas to China via Mongolia.

[1/4] Chinese Premier Li Qiang and Eritrean President Isaias Afwerki shake hands as they attend a meeting at the Great Hall of the People in Beijing, China May 15, 2023. REUTERS/Florence Lo/PoolBEIJING, May 15 (Reuters) - China's Premier Li Qiang told visiting Eritrean President Isaias Afwerki on Monday their countries should "deepen mutually beneficial win-win cooperation and continuously enrich their strategic partnership" at a meeting in Beijing. Eritrea also shares a border with Djibouti, where China's People's Liberation Army set up its first overseas military base in 2017. The "marginalised continent of Africa and the rest of the world will heavily defend and expect more contributions from the People's Republic of China," Afwerki said. Reporting by Joe Cash; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

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