Chinese President Xi Jinping (L) and his Russian counterpart Vladimir Putin sign the statements on elevating bilateral ties to the comprehensive strategic partnership of coordination for a new era and on strengthening contemporary global strategic stability, and witness the signing of a number of cooperation documents, after their talks in Moscow, Russia, June 5, 2019. (Xinhua/Li Xueren)

ST. PETERSBURG, Russia, June 11 (Xinhua) -- Russia and China are expected to boost bilateral trade to new heights and achieve a trade turnover of 200 billion U.S. dollars in the next few years, Russian Economic Development Minister Maxim Oreshkin has said.

A Russian-Chinese memorandum of understanding on trade promotion recently signed in Moscow will help increase bilateral trade turnover to its target level, Oreshkin told Xinhua during the 23rd St. Petersburg International Economic Forum held last week.

To that end, Russia and China have listed a number of key sectors that require development and improvement, according to the minister.

"The two countries should not only implement large projects, but also provide diversified end-use goods and investment. These volumes will grow very actively," Oreshkin said.

In particular, he noted that Russia plans to increase soybean exports to China, the world's largest importer of soybeans.

Russia and China will also create a new science and technology innovation fund dedicated to investment in small- and medium-sized enterprises of the two countries, he added.

Two-way trade between the two countries hit a record high of over 100 billion dollars in 2018.

According to Oreshkin, this year the two sides intend to continue to increase the trade volume, which is "the point from which we are starting to reach new, ambitious goals."

"We have full cooperation and complete understanding, and it is in this spirit that we will continue," said Oreshkin.