China, Russia agree to improve trade

BEIJING: Strategic allies China and Russia have agreed to improve the bilateral trade structure, expand investment and technological cooperation in line with the principle of reciprocity, the state media reported on Saturday.

The decision was taken by Chinese Vice Premier Wu Yi and her Russian counterpart Alexander Zhukov yesterday at a meeting held in Hangzhou, capital of east China's Zhejiang Province, to prepare for the regular meeting between the prime ministers due to be held in Moscow in November.

Wu said Sino-Russian strategic and cooperative partnership had stepped into the second decade. The bilateral trade had exceeded $30 billion in the first eight months and could reach record high at the end of the year.

She said the two countries had improved the trade structure and cooperation on energy resources, nuclear power, science and environmental protection had made remarkable achievement. Wu particularly mentioned the two countries should speed up the cooperation on infrastructure and wood processing.

Zhukov said "the Year of China" in Russia had enhanced the cooperation in all fields, the trade between the two countries had increased and enterprises cooperation had been vigorous.

He said Russia would hold the Winter Olympic Games in 2014 and the Asia-Pacific Economic Cooperation meeting in 2012, which would bring about rare chance for economic cooperation between Russia and China.

The two sides signed an agreement on establishing a trade council on machinery and electronic product.