China and Russia will further promote trade and economic cooperation while bilateral trade volume is expected to exceed US$50 billion this year, senior trade officials of the two countries said on Tuesday.

China and Russia will carry out a series of big projects in fields such as civil aviation, space exploration, energy machinery, said a statement issued after talks between visiting Chinese Minister of Commerce Chen Deming and his Russian counterpart Elvira Nabiullina.

The two countries will also expand trade in machinery and electronic products sectors, encourage two-way investment, push forward regional cooperation, speed up cooperation in infrastructure construction, timber and resources processing industries as well as in logistics.

The top trade officials also pledged to enhance coordination in solving problems raised in market access and trade, and create a sound climate for increasing two-way investment, said the statement.

China proposed the two sides to strengthen cooperation in regard to customs in a bid to facilitate trade, which Russia welcomed.

According to Chen, closer cooperation between China and Russia bears even more extraordinary significance at the moment when the world's financial markets are troubled by the credit crunch.

Trade between China and Russia surged by 23 percent year on year to hit US$43 billion in the January-September period of 2008; while the target for 2010 is US$60-80 billion.

(Xinhua News Agency October 15, 2008)