Chinese Ambassador to Russia Liu Guchang said Tuesday that Chinese-Russian trade should be increased to US$100 billion a year.

"Trade and economic relations between Russia and China have entered a phase of rapid development," and last year's turnover reached a record high of US$15.7 billion, Liu told a press conference.

However, "with such huge economics and potential," this trade turnover hardly meets the two countries' demands, the diplomat said.

He urged businessmen and entrepreneurs of the two countries to enhance contacts and deepen understanding in order to find out more chances to develop bilateral cooperation.

The ambassador also said that Beijing and Moscow have no differences on the construction of an oil pipeline from Russia to China, because the understandings on the implementation of the project have been reached by their leaderships.

China is Russia's "the closest and the most stable market "and "the most reliable partner," so a pipeline would be "the most feasible and economical" way to supply oil from Russia to China, Liu said.

The Russian leadership has promised to expand oil supplies by railroad before the oil pipeline is constructed, he added.

(Xinhua News Agency March 31, 2004)