Chinese minister says China-Russia economic, trade co-op at new starting point

English.news.cn   2010-11-25 13:31:04 FeedbackPrintRSS

China is ready to encourage its enterprises to take an active part in Russia's mega economic projects in such fields as infrastructure construction, power grid upgrading and high-speed railway, Chen said.

Both sides are willing to expand investment in Russia's special economic zones, and will jointly construct and manage pilot projects there.

During the fifth China-Russia economic and trade summit forum that opened here on Wednesday, companies from China and Russia inked a total of 13 bilateral cooperation deals valued at 8 billion dollars, covering a wide range of sectors such as finance, electric power, telecommunications, metallurgy, automobile sales and agriculture.

During a regular meeting between the two heads of governments in St. Petersburg, the two sides signed six energy cooperation projects with a total value of 2 billion dollars, and the total value of trade and energy cooperation projects signed during the time exceeded 10 billion dollars, Chen said.

Bilateral financial cooperation is also in full swing, Chen said.

China and Russia will expand local currency settlements for bilateral trade, announced Premier Wen and his Russian counterpart Vladimir Putin at their meeting on Tuesday, one day after the yuan started trading against Russian ruble on the Chinese interbank market.

This marked the first step of local currency settlement between the two countries. The yuan's trading on the Russian forex market will follow in December.

Additionally, the two sides are constantly expanding the scale of their cooperation in the fields of financing, insurance, and bank cards, strengthening coordination in the international financial sector, and deepening their financial cooperation, which have further enriched the contents of their trade cooperation, Chen said.

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Editor: An
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