Russian President Vladimir Putin on Friday said Russia-China relations are a crucial factor for global stability, and the bilateral relationship has continued to develop steadily.

Speaking at his annual press conference, Putin noted that the two countries have carried out a series of pragmatic cooperation across various fields, with bilateral trade reaching between $240 and $250 billion.

The Russian president also highlighted progress the two countries have made in cooperation in high-tech manufacturing, scientific education, cultural exchanges and space exploration. This progress, according to Putin, reflects the high level of mutual trust between China and Russia.

"All of this shows, as I have repeatedly emphasized, that Russia-China relations are an extremely important factor for global stability," he said, adding that Russia is willing to continue developing its relationship with its Chinese friends in the future.