President Xi and President Putin have agreed to boost economic cooperation and use local currencies in regional trade. They have committed to boosting bilateral trade between the two countries to $100 billion in 2018, which looks achievable given trade in the 12 months to August 31 reached $98 billion after year-to-date imports rose 44% and exports climbed 13%. The rise in imports though has likely been driven by commodity prices given that, in 2017, crude oil accounted for 59% of China’s imports from Russia followed by forestry products and coal.