China, Mongolia eye 10-bln-USD trade by 2020

Chinese President Xi Jinping (L) shakes hands with his Mongolian counterpart Tsakhiagiin Elbegdorj during a signing ceremony after their talks in Ulan Bator, Mongolia, Aug. 21, 2014. Xi arrived in Ulan Bator Thursday for a two-day state visit to Mongolia. (Xinhua/Zhang Duo)

China and Mongolia agreed Thursday to strive to lift bilateral trade to $10 billion by 2020. [Special coverage]

Two-way trade between China and Mongolia stood at $324 million in 2002, but the yearly volume rocketed to nearly 6 billion dollars in 2013, accounting for more than half of Mongolia's total foreign trade.

China has been Mongolia's largest trading partner and largest source of foreign investment over the past 10-plus years.