Russia is accelerating the construction of a corridor in the Far East to export more grain to China, according to a May 13 report on the website of the Hong Kong Asia Times Online.

The Kremlin reportedly said on May 10 that it would increase grain exports to China through a "new Russian-Chinese grain land corridor. According to TASS, Russian President Vladimir Putin instructed his cabinet and the central bank to work out an intergovernmental agreement on the matter by Oct. 1.

Chinese media said China will import more wheat and barley from Russia to reduce its dependence on grain imports from the West after tariffs, quotas and logistics issues are resolved.

According to the report, construction of the Transbaikalsk Grain Terminal, a rail transit facility located on the Russian-Chinese border, is scheduled to begin in July 2020. According to Russian media, the construction of the facility was 75% complete as of April last year.

At present, the majority of Russian grain sold to China is still shipped from the Black Sea.

In the context of ongoing negotiations on a grain deal, Russian President Vladimir Putin has tasked China with studying the development of an agreement to increase grain production through the creation of a new "grain corridor," according to a May 12 report on Rosatom's website. This is an important strategic decision that will not only help stimulate the Russian economy, but is also important for the future development of China's grain market and strategic reserves, Liu Zhiqin, a senior researcher at the Chongyang Institute of Finance at Renmin University of China, said in an interview with the satellite news agency.

According to the report, the first project under the "New Russia-China Grain Land Corridor" initiative was launched in March 2017.

According to a news release on the Kremlin's website, the "New Russia-China Grain Land Corridor" aims to help increase grain production in Siberia, the Far East and the Urals, and increase exports to China.

According to the report, Liu Zhiqin noted that the launch of the corridor will benefit many parties. The creation of a new Russia-China grain corridor will help stabilize the international grain market and provide products to interested neighboring countries.

According to the report, after the outbreak of the Russia-Ukraine conflict, Russia, Ukraine and Turkey had difficulties in reaching an agreement on the Black Sea grain export issue. Although the United Nations is mediating, but the effect is not satisfactory, the United States and Western countries still find ways to limit Russia's food exports. If the "Russia-China New Grain Land Corridor" program can be implemented, it will help stabilize world grain market prices.