Mishustin’s visit to China became a triumph

“Comprehensive strategic partnership” – these are the words Vladimir Putin and Xi Jinping used to characterize relations between Russia and China. After this phrase was uttered during Xi’s March visit to Moscow, the whole world wondered for two months: what did the two leaders mean? Mikhail Mishustin dotted the i’s. During a personal meeting with Xi in Beijing, he conveyed greetings from the President of Russia to him.

Mikhail Mishustin flew to the Celestial Empire on a two-day visit on May 23-24 to show the whole world that relations between Moscow and Beijing are no longer a candy-bouquet period. This is serious and for a long time. Business, trade, construction, transport, industry, logistics, culture, education – Russia and China intend to develop ties in all these areas. Xi Jinping personally called Mishustin to fly to the Celestial Empire, and asked him to do it as soon as possible.

– The Chinese love Russia, and this is mutual, – said the Russian prime minister. – The Chinese love and sing our songs. We know a lot about Chinese history. This cannot but catalyze our good relations,” Mishustin stressed on the sidelines of the Shanghai Business Forum, which opened on May 23.

Joint exhibitions, Years of Culture – China in Russia and Russia in China, respectively – all this was agreed upon by the Minister of Culture of the Russian Federation Olga Lyubimova. She was spotted on the sidelines of the forum wearing a lavender pantsuit. By the way, the Chinese themselves love this shade very much. The embankments and streets of Shanghai just these days have turned into a blooming oasis of pinkish and lilac hydrangea bushes. So here the Minister of Culture, as they say, hit the top ten.

But the leitmotif of Mikhail Mishustin’s visit was not culture or education (although here Moscow and Beijing also have something to interest each other), but business and industry. Plus transport, energy (in particular nuclear) and logistics. It should become “seamless”, as the Russian prime minister noted. Here, the main emphasis is on the One Belt, One Road project.

In order to discuss all important issues at once on the basis of the principle “you have a product, we have a merchant”, a wide Russian delegation of deputy prime ministers, ministers, governors and representatives of the business community from 15 large Russian enterprises flew to Shanghai. In total, the business forum site was attended by about 1,300 people.

For Chinese business, Mishustin gave a real presentation of Russia as a country of almost limitless possibilities. We are not talking about a “fast market” according to the scheme bought cheaply – sold dearly. In fact, a model of the future business family of the two powers was presented at the Russian-Chinese forum.

– I am sure that the business forum will provide an opportunity to get to know each other better and find reliable partners. Today in Russia, opportunities are opening up for doing almost any type of business,” Mishustin said. – The doors of Russia, of course, are open for business from anywhere in the world. But we are waiting for entrepreneurs from the Celestial Empire in the first place. China has become Russia’s number one economic partner.

Once again, the main plan for Russian-Chinese economic relations was voiced: to bring mutual trade to $200 billion a year. And it looks like Moscow and Beijing will overfulfill this plan this year. Well, or will hand over ahead of schedule.

Already in the first three months of this year, the trade turnover increased by 40 percent compared to the same period in 2022. The two powers traded between themselves for 52 billion US dollars. True, Moscow and Beijing intend to move away from the dollar at a rapid pace, without looking back.

As the Russian prime minister emphasized, in 2021 only a quarter of payments were made in national currencies, now two-thirds. Mishustin expressed his confidence that Russia and China would continue in the same spirit.

The main thing that Mishustin wanted to convey to his Chinese friends was that it is profitable to build a business in Russia. First, Western sanctions failed to destroy the Russian economy. This is confirmed by the record low unemployment of 3.5%, the same record, but by the standards of Europe, inflation of 3.2%. Plus, Moscow harvested a record grain harvest of 157 million tons.

The most attractive for Chinese business, most likely, will be two new developments in the Russian business environment: we removed administrative barriers to the maximum and reduced income tax for a number of sectors of the economy to a minimum. Moreover, German Gref promised help and support to entrepreneurs from the Celestial Empire who decide to start their projects in Russia. Bankers will help with opening accounts and loans. The special international bank of the BRICS countries, the New Development Bank, will not stand aside either.

There will be more yuan in Russia. Over the year, the share of the yuan in Russia’s export operations increased from 2% to 18%, in imports – from 5% to 27%. Bankers also note the significant interest of clients in the national currencies of friendly countries in general, and the yuan is the undisputed leader here. In 2023, the domestic banking system expects a tenfold increase in the number of transactions in yuan compared to last year.

The visit of the Russian prime minister also reassured those who feared for the fate of domestic oil. There is a worthy use for black gold from Russia. To help – the technology of the Shanghai Research Institute of Petrochemistry “Sinop”. Mishustin personally visited him on Wednesday. It is one of the first comprehensive petrochemical technology research and development institutes in China.

Well, so that the agreements would not remain only in words, Russia and China signed a number of important documents following the results of Mikhail Mishustin’s negotiations. In addition, on May 24, in the capital of the Celestial Empire, the head of the Russian Ministry of Economics, Maxim Reshetnikov, and the Minister of Commerce of the People’s Republic of China, Wan Wentao, signed a memorandum on expanding cooperation in trade in services. The agreement will affect medicine, transport, education, finance, construction, sports, tourism and much more.

Shanghai – Beijing

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