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. Last Updated: 07/27/2016

Chinese Delegation Shops For High-Technology Deals

A delegation of Chinese ministry officials and 50 businessmen are in town this week to find ways to work with Russia in high technology.

"We would like to overcome the opinion that China produces toys and clothes and cannot make high-tech products," Wang Hui, a high-ranking official in China's Foreign Trade and Economic Cooperation Ministry, said at a news conference Wednesday. "China is beginning to develop high technology and has a great potential."

To that end, he and his delegation will meet with government officials and Russian businessmen in Moscow, Zelenograd and Nizhny Novgorod during the course of their visit, which wraps up Aug. 8, Wang said.

The Chinese delegates represent 26 firms involved in energy resources, aviation, metals and agriculture. They will discuss joint projects such as the production of locomotives, equipment for oil and gas extraction and the chemical industry, building tankers for shipping liquefied gas, IT technology and software.

On Wednesday, the delegation met with officials in the Economic Development and Trade Ministry. The group hopes to network with about 200 Russian companies during the visit, including the Gorky Auto Plant and the Krasnoye Sormovo shipbuilding plant, both in Nizhny Novgorod, Wang said.

He said a few agreements would be signed but would not elaborate.

He also said that he expected China's volume of exports to Russia to continue to grow. The trade turnover between the two countries grew 18.7 percent to $5.46 billion in the first half of this year compared to the same period last year. Of this amount, $1.3 billion accounted for exports to Russia.

Trade turnover stood at $10.67 billion last year, Wang said.

In the first six months of this year, 27 contracts worth $20.8 million were signed in high technology, he said. Last year, 35 contracts worth $11.7 million were signed.