China, Russia sign agreements to boost economic cooperation

World
Europe

02:29

China and Russia on Wednesday signed documents of cooperation in various fields during Chinese President Xi Jinping's state visit to Russia, from June 5 to 7.

The joint documents signed by the two sides cover a wide array of areas with mutual interests, including trade, investment, e-commerce, energy, agriculture and education.

Russia's natural gas producer Novatek signed LNG agreement with China's Sinopec. Chinese e-commerce giant Alibaba will set up a joint venture with the Russian Direct Investment Fund (RDIF), Megafon and Mail.ru Group to boost e-commerce cooperation.

Chinese President Xi Jinping and Vladimir Putin exchange signed documents in Moscow, June 5, 2019. /CGTN Photo

The two countries embrace a great opportunity in the e-commerce business. Alibaba's cross border e-commerce platform AliExpress is the most visited e-commerce website in Russia with over four million active Russian users.

The comprehensive strategic partnership of coordination for a new era

The two countries also signed two joint declarations, on promoting global stability and a comprehensive strategic partnership of coordination for a new era.

Alibaba Group. /VCG Photo

Chinese President Xi Jinping said that the bilateral trade hit a record high of over 100 billion U.S. dollars, and the two countries have also strengthened cooperation in e-commerce, aviation, and energy among other new areas.

The two countries will continue the alignment of the Belt and Road Initiative (BRI) and Eurasian Economic Union (EAEU) and further promote regional economic cooperation, said President Xi.

The first Sino-Russian cross-border highway bridge connecting Heihe City in northeast China's Heilongjiang Province and Russia's Blagoveshchensk is expected to be complete by the end of this year.

The first Sino-Russian cross-border highway bridge. /VCG Photo

Also, the second line of the China-Russia oil pipeline began commercial operation last year, and the east-route natural gas pipeline is expected to supply gas to China by the end of this year.

The Russia-China friendship reaches a new high as this year marks the 70th anniversary of the establishment of diplomatic ties between China and Russia.

President Xi, during his three-day state visit to Russia, will also attend the 23rd St. Petersburg International Economic Forum (SPIEF).