Moscow in Talks With Beijing on Chinese Firms' Participation in Privatization

Russian Economic Development Minister Maxim Oreshkin said Wednesday he had discussed with Chinese Commerce Minister Zhong Shan participation of Chinese companies in privatization transactions in Russia, as well as steps to increase mutual investment.

SHANGHAI (Sputnik) — Oreshkin is in Shanghai, where the BRICS trade ministers' conference is underway. A meeting of the Russian-Chinese subcommittee for trade and economic cooperation was held on the conference's sidelines.

"[One more] area is investment. It is attraction of investments of Chinese companies in Russian business and Russian money into Chinese business. There are a number of great achievements here, including the establishment of the Russia-China Fund… I was talking about privatization deals too. We work here on all areas," the Russian minister said.

Oreshkin also said that bilateral trade turnover between Russia and China might reach $80 billion by the end of 2017, adding that the trade turnover has increased by 37 percent in the first five months of this year alone.

China has been Russia's largest trade partner since 2010. In 2016, the trade turnover between Russia and China totaled over $66 billion, according to Russia's Federal Customs Service.

Currently, a meeting of BRICS ministers of economy development and trade takes place in Chinese city of Shanghai, where the officials are discussing the issues of electronic trade and simplification of investments. The ministers are also preparing for the upcoming WTO ministerial meeting.