Trade between Russia and China grew by 28.4 per cent in the first few months of 2026, exceeding US$180 billion. This was announced by Li Qiang, Premier of the State Council of the People’s Republic of China, at the 31st regular meeting of the heads of government of Russia and China, held in Saint Petersburg.
Li Qiang highlighted the successes of cooperation between the two countries in the fields of investment, energy, aviation, space exploration, logistics and transport.
“In the first few months of this year, trade turnover has already exceeded US$180 billion, representing a 28.4 per cent increase compared with the same period last year. Our investment cooperation is also improving. Cooperation is progressing successfully in areas such as energy, aviation, space exploration, logistics and transport. […] We are promoting cooperation to achieve comprehensive results. We have set an example of high-quality cooperation and a high level of mutual trust between our major powers and between neighbouring countries,” said Li Qiang, according to the Russian government’s website.
Russian Prime Minister Mikhail Mishustin, who led the Russian delegation in the bilateral talks, particularly highlighted the growth in trade in the agricultural sector.
“There is good potential for expanding practical cooperation in agriculture. Trade turnover in the agricultural sector over the first nine months of this year has increased by more than a third compared with the same period in 2025. Domestic goods under the “Made in Russia” brand have proven their high quality and are gaining popularity in China. We need to expand the range of goods supplied to each other. There is demand for this from the citizens of our countries,” said Mikhail Mishustin.
He added that over the past 25 years (2026 marked the 25th anniversary of the signing of the Treaty of Good-Neighborliness and Friendly Cooperation between the People’s Republic of China and the Russian Federation), bilateral trade between the two countries has grown more than 30-fold, and settlements are now predominantly made in roubles and yuan.
The head of the Russian Cabinet of Ministers highlighted the increase in the volume of bilateral investment. According to him, the relevant commission’s portfolio already includes over 90 projects across a wide range of sectors – from metallurgy to agriculture. This number could rise further thanks to the updated agreement on the promotion and protection of investments between Russia and China, which was signed in 2025 to create favourable conditions for doing business and investing.
The Russian Prime Minister added that Russia firmly holds the top position in exports of oil and natural gas to China. Plans are being drawn up for the “Power of Baikal” pipeline, which could become one of the largest gas arteries in Eurasia.
Moscow and Beijing are committed to realising the full potential of their cooperation – creating new opportunities for growth in trade and investment, and promoting major joint projects in industry, energy, high technology and the digital economy, concluded Mikhail Mishustin.
The Russian-Chinese talks in Saint Petersburg took place in both a core and an expanded format. The core talks, chaired by Mikhail Mishustin and Li Qiang, preceded the 31st regular meeting of the heads of government of the two states. The meeting culminated in the signing of a joint communiqué.