Chinese-Russian trade and economic ties were further enhanced in the national theme years and bilateral trade is hopeful to record a new high of US$50 billion in 2007, Yu Guangzhou, Chinese vice minister of commerce said on Monday.

Bilateral trade has hit US$34.9 billion in the first nine months this year, exceeding the annual volume in 2006, Yu told a press conference held in Moscow.

Since 1999, Chinese-Russian trade has kept soaring at an average annual growth of some 30 percent and trade components have also been optimized when machinery products exports to each other are increasing, he said.

In the January-September period, trade of machinery products reached US$7.3 billion, accounting for 21 percent of the total trade volume and topping the trade list, according to Chinese customs figures.

Two-way investment also surged and has hit US$1.6 billion so far, of which, Chinese investment in Russia was US$1.03 billion and Russian investment, US$650 million, Yu said.

The two countries have signed agreements on 31 investment projects, worth some US$4 billion. Those projects cover such fields as mine exploration, timber processing, infrastructure construction, assembly, agricultural industry, trade and logistics.

Border and regional trade were also boosted. Border trade was US$6. 2 billion and accounted for some 20 percent of bilateral trade in the January-September period, Yu said.

Chinese President Hu Jintao and his Russian counterpart Vladimir Putin initiated the national theme years in 2005 in a bid to enhance mutual trust and promote all-round cooperation. The "Year of Russia" was held in China in 2006 and the "Year of China" was ongoing in Russia.

(Xinhua News Agency November 6, 2007)