West’s sanctions on Russia “erroneous”: China
October 11, 2014, 2:48 pm

Bilateral trade has already grown by 6.7 per cent this year compared to the same period last year [Xinhua]

“China opposes the West’s use of sanctions to exert pressure,” Wang was quoted by Russian news agency Ria Novosti.

“We are certain that despite external factors of instability, the Russian people will be able to show determination and patience to overcome all sorts of current difficulties,” he added.

The US and the European Union announced new sanctions in September to punish Moscow for its alleged backing of separatists in eastern Ukraine. This round’s sanctions targeted Russian state-run and private oil and gas companies, including Gazprom, Rosneft, Transneft, and Lukoil.

Earlier in September, China put its weight solidly behind Russian President Vladimir Putin’s seven-point peace plan for Ukraine.

Meanwhile, the Chinese Vice Premier on Saturday noted that bilateral trade has already grown by 6.7 per cent this year compared to the same period last year.

“China is willing to export to Russia such competitive products as agricultural goods, oil and gas equipment, and is ready to import Russian engineering products,” Yang said.

Meanwhile in Berlin, Chinese Premier Li Keqiang said Friday he expects China to register economic growth of around 7.5 per cent this year.

China can keep its economic growth rate within a “reasonable range,” he told over 600 officials and business leaders at a China-Germany economic and technological cooperation forum.

A pace around the 7.5 per cent target — whether slightly higher or lower — will be acceptable as long as employment is guaranteed, household income raised and efficiency improved, added the premier.

After a stint of double digit growth, Chinese leaders have said they are willing to settle for a more sustainable expansion in consumption.

The Chinese Premier will reach Russia on Sunday for a three-day visit during which he will co-chair the 19th annual meeting of the heads of Government with his Russian counterpart Dmitry Medvedev.

The two sides “will extensively discuss priority issues of Russian-Chinese cooperation in trade and economy, investments, energy and culture. The documents to be signed include a number of inter-governmental, inter-agency and corporate documents on various aspects of bilateral collaboration,” said a Russian government statement.

The meet on 13^th October will be attended by over 20 Cabinet members of the two countries.

 TBP and Agencies