China-Russia service trade soars, yet potential remains untapped: Ambassador

Bilateral service trade between China and Russia surged to 12.8 billion yuan ($1.8 billion) in 2024, marking a 260 percent increase over the past decade, Chinese Ambassador to Russia Zhang Hanhui announced at a forum in Moscow on May 12.

The 2025 China-Russia Service Trade Forum, which was co-hosted by the Department for External Economic and International Relations of Moscow and China Huaming International Investment Co Ltd, spotlighted deepening collaboration in tourism, logistics, education, digital trade, cultural exchanges, healthcare, and regional partnerships.

Official data reveals that China has been Russia's largest trading partner for 15 consecutive years, with total bilateral trade hitting $244.8 billion in 2024. However, service trade currently accounts for less than 15 percent of the overall volume, signaling room for structural optimization.

Zhang said during his opening remarks that enhanced customs clearance efficiency at cross-border land freight ports and the expanding potential of the Ice Silk Road have significantly upgraded logistics services.

The ambassador highlighted that bilateral tourist exchanges surpassed 2 million visits in 2024, while the 2025 Chinese New Year celebrations in Moscow drew a record 1.5 million participants. "These figures reflect not only economic ties but also growing people-to-people bonds," he added.

Wang Rui, director of the China Cultural Center in Moscow and head of the China National Tourist Office in Russia, echoed Zhang's optimism. "Service trade accounted for 10.4 percent of Russia's total service sector volume in 2024, with tourism alone contributing 3.7 percent," she said. "Simplified visa policies, improved flight connectivity, and streamlined travel procedures will further boost these numbers."

Zhang further emphasized that China and Russia share strong complementarity and immense potential in service trade cooperation. "The achievements made so far would not have been impossible without the joint efforts of governmental and business associations from both sides," he said.

"Moving forward, we must act from the broader perspective of the China-Russia comprehensive strategic partnership of coordination in the new era, fully leveraging the critical role of service trade in advancing international commerce, fostering global economic development, and maintaining the stability of supply chains," he added.

Zhang urged participating enterprises and industry associations to use the forum as a platform to "identify synergies, align policies, and collaborate on projects, thereby elevating China-Russia service trade cooperation to new heights".

Experts predict that China-Russia service trade could double by 2030 if both sides address bottlenecks in digital payment systems and cross-border regulatory alignment.