Russia's accelerated development of the Far East is expected to cultivate new growth points for Sino-Russian economic and trade cooperation.

Primorsky Krai, located at the southeastern tip of Russia's Far East, held a promotion conference at the Harbin Fair on the 16th, focusing on 20 key projects in education, tourism, logistics, and other fields. Primorsky Krai's Vice Governor Sidorchenko revealed at the conference that China has become the region's largest trading partner in recent years, accounting for about 50% of the region's total foreign trade.

"Chinese enterprises are welcome to invest, and our local government will fully support and provide thorough follow-up services," Sidorchenko said. According to the latest development plan for the Russian Far East, Primorsky Krai will receive 45 billion US dollars in investment to improve infrastructure and the investment environment.

At this Harbin Fair, 5 Russian regions held special promotion activities, bringing a total of 82 investment projects in agriculture, infrastructure construction, mineral extraction, machinery manufacturing, and other areas.

In September 2009, leaders of China and Russia jointly approved the "Outline of the Plan for Cooperation between Northeast China and the Russian Far East and Eastern Siberia," making local cooperation a new highlight of practical cooperation between China and Russia.

In March this year, a joint statement signed by Chinese President Xi Jinping and Russian President Vladimir Putin proposed giving full play to the role of regular meetings between Chinese and Russian local leaders, strengthening the implementation of the "Outline of the Plan for Cooperation between Northeast China and the Russian Far East and Eastern Siberia," expanding the scope of regional cooperation, and improving the efficiency of local cooperation.

Sanakoyev, Assistant Minister of the Russian Far East Development Ministry, said at the China-Russia Economic and Trade Cooperation Forum at the Harbin Fair: "The Russian Far East has immense development potential, and its accelerated development is of great significance for Russia's integration into the Asia-Pacific region."

Sanakoyev stated that Russia has already formulated a Far East development plan until 2015, with a total investment of 10 trillion rubles in the region, and will vigorously attract foreign investors. In addition, Russia is drafting the "Far East Development Law," which will provide legal guarantees and preferential policies for foreign investment and trade in the Far East. He hopes that China will play a more prominent role in the development of the Far East.

"Russia is looking for new growth points, and the Far East region is where its potential lies. China's deep involvement in the Far East development will form new common growth points for China and Russia," Li Yongquan, Deputy Director of the Institute of Russia, Eastern Europe, and Central Asia at the Chinese Academy of Social Sciences, told reporters.

In April 2012, Russian President Putin proposed implementing a large-scale development strategy for the Far East during his future term to achieve balanced development across all Russian regions. Subsequently, the Russian Far East Development Ministry was established. In early April this year, the "State Program for the Socio-Economic Development of the Far East and Baikal Region" came into effect, meaning that the long-conceived Russian Far East development strategy has entered the implementation phase.

The Far East and Baikal region of Russia covers an area of over 7.72 million square kilometers, accounting for 45.2% of Russia's territory, with a current population of around 11 million. The region is rich in resources, but its labor productivity is low, and the development gap with Russia's European regions is widening.

"China has sufficient capital, technology, and human resources to participate in the development of Russia's Far East and Baikal regions," Li Yongquan pointed out. Northeast China can not only be an active participant and strategic partner in the development of Russia's Far East and Baikal regions, but also a huge market guarantee for Far East development.

"With the implementation of Russia's Far East development strategy and China's border opening-up strategy, economic and trade cooperation between Heilongjiang Province and the Russian Far East is at a rare historical opportunity," said Meng Xiangjun, Director of the Department of Commerce of Heilongjiang Province. Heilongjiang has set medium- and long-term goals to achieve trade with Russia exceeding US$24 billion by 2015 and US$50 billion by 2020.

Heilongjiang shares mountains and rivers with five regions in the Russian Far East, and their economic and trade cooperation has a solid foundation, consistently maintaining a quarter of China's total trade with Russia. In the first five months of this year, Heilongjiang's total imports and exports with Russia reached US$8.69 billion; total investment in Russia was US$550 million, a year-on-year increase of 20%.

According to Russian experts, there are currently 57 major projects for local cooperation between China and Russia in the Far East and Baikal regions, mostly concentrated in forestry processing, mineral extraction, building materials production, and other fields. Last year, the region's foreign trade with China increased by 18.4%, reaching US$10.95 billion.

"Cooperation with China can serve as an effective lever for Russia to promote the development of the Far East and accelerate integration into the Asia-Pacific economic space," Titarenko, Director of the Institute of Far Eastern Studies of the Russian Academy of Sciences, pointed out. To achieve these possibilities, a clear strategy focusing on a balance of mutual practical interests must be formulated.