During Medvedev's October visit, China and Russia signed an agreement that Russia's biggest oil company Rosneft would supply an additional 10 million tonnes of crude oil to China each year in the coming decade, a deal worth 85 billion U.S. dollars.
A joint-venture oil refinery will be built in Tianjin, with a capacity of processing 16 million tonnes of crude oil each year. China National Petroleum Corporation, the country's largest oil and gas producer and supplier, will hold a 49 percent stake and Rosneft 51 percent.
China imported 24.33 million tonnes of crude oil from Russia in 2012 and has been negotiating on the import of natural gas with Russia.
After the bilateral trade reached a record high of 88 billion U.S. dollars in 2012, the two countries planned to raise the volume to 100 billion U.S. dollars by 2015 and 200 billion U.S. dollars by 2020.
"The biggest chance of economic cooperation may lie in Russia's Far East region, which is near China and currently Russia's major development focus," said Prof. Tavrovsky. "China should take part in the region's development."
The two countries can supplement each other as China has technologies and experience while Russia has natural resources, he added.
WARMING PEOPLE-TO-PEOPLE EXCHANGES
Last year, Chinese cinemas screened the first Russian IMAX 3D film "Stalingrad." The blockbuster topped the Chinese box office with 52.7 million yuan (8.65 million U.S. dollars) on its opening weekend, attracting many middle-aged and elderly people who remembered the Soviet Union movie rush decades ago.
In January, another Russian film "Metro" competed with Chinese and Hollywood productions during China's Spring Festival film season.
The two countries have held three theme years in the past few years. The year 2013 was the Tourism Year of China in Russia, following the Tourism Year of Russia in China in 2012, which were aimed at fostering tourism ties and humanistic exchanges between the two countries.
Before that, there were the China-Russia National Year 2006-2007 and the China-Russia Year of Language 2009-2010.
In 2014 and 2015, the two countries will each host the China-Russia Youth Year of Friendship Exchanges.
"China and Russia set a new model of relations between major powers after the end of the Cold War and found a way of treating each other with respect and cultivating sustainable cooperation," said Xing Guangcheng, an expert on Russia with the Chinese Academy of Social Sciences.