MOSCOW -- China will continue implementing and improving its micro-control policies and measures on economy, stick to a prudent fiscal and monetary policy and strive for a stable and fast economic progress, a senior official said here on Tuesday.

Chinese Finance Minister Jin Renqing made the remarks after meeting with his Russian counterpart Alexei Kudrin, in which they pledged to enhance bilateral cooperation in fiscal fields in a bid to promote Chinese-Russian relations.

Jin and Kudrin discussed each country's economic development strategy, micro-economy and policy, financial reform, taxation policy and cooperation on the world arena.

"As both transforming economies, China and Russia share many similar problems in our economic progress though we are facing different domestic situation," Jin told reporters after the second dialogue of finance ministers.

China will, along with Russia, take advantage of the dialogue mechanism, which was forged during Russian President Viadimir Putin's visit to China last year, implement consensus reached by the two heads of state and deepen financial cooperation, he noted.

China's gross domestic products (GDP) is expected to increase 10.8 percent in 2007 while Russia's growth was estimated by Deputy Prime Minister Alexander Zhukov to be at least 7 percent this year.

The Chinese cabinet, however, has warned that there is excessive growth in industrial production, trade surplus and investment. It has pledged to improve macroeconomic regulation to prevent the economy from overheating.