People shop at a Russian goods store in Manzhouli, north China's Inner Mongolia Autonomous Region, March 16, 2023. Popularity of Russian goods and foods has revived among local customers after the land port of Manzhouli resumes services. (Xinhua/Wang Kaiyan)

China-Russia trade could hit $200 billion this year for the first time, Russian President Vladimir Putin said during the 8th Eastern Economic Forum (EEF) on Tuesday, noting that bilateral trade has grown by about 30 percent on an annual basis during recent years, Sputnik news reported.

Putin made the remark in a meeting with Chinese Vice Premier Zhang Guoqing during the EEF, according to the report.

Trade between the two countries has been growing by one-third annually, the Russian president said, noting that trade had already surpassed $120 billion in the first seven months of this year.

He said that it is expected relationship between China and Russia will develop at an even faster pace, according to the report. 

China-Russia trade has no problem to reach the $200 billion target this year, Song Kui, president of the Contemporary China-Russia Regional Economy Research Institute, told the Global Times on Tuesday, noting that bilateral trade in agricultural, food and energy products is growing fast.

The improved trade ties come as Russia is shifting its economic focus to the east and the economies of China and Russia complement each other, Song noted.

According to data from the General Administration of Customs of China, bilateral trade grew by 36.5 percent in the January-July period to reach $134.1 billion. In 2022, the value of China-Russia trade reached an unprecedented level of $190.271 billion.

Putin also noted that the bilateral relationship between Russia and China has entered its best period in history, the Xinhua News Agency reported on Tuesday. 

Cooperation in various fields such as the economy and trade has developed smoothly, and regional cooperation between the two countries is thriving, he said. 

Putin said that the development of the Russian Far East has become a new growth point for Russia-China cooperation and Russia is confident in the prospects of bilateral relations and cooperation in various fields.

Zhang said that China is willing to work together with Russia to implement the important consensus reached by the top leaders of the two countries, share development opportunities and deepen mutually beneficial cooperation.

The EEF has raised high hopes in the industrial sector and it is believed that there will be substantial projects for cooperation between China and Russia, Song said.

Cooperation between China and Russia in Russia's Far East will become a new growth point. There is great potential for cooperation in agriculture, food processing, construction, infrastructure development, high-tech industries and the forestry and timber-processing industries in the region, Song added.