Report sees deepening cooperation with Russia

China will establish even more comprehensive ties with Russia in 2013 as two of the world's leading economies enhance cooperation across a range of sectors, including energy exploration, sources from a key report on Russia released on Tuesday in Beijing said.

The "Annual Report on the Development of Russia" is edited and published by the Chinese Academy of Social Sciences. Authors and a dozen experts on Russia and Central Asia were present at the launch ceremony.

The report, considered to be one of the most authoritative on Russia so far in China, consists of comprehensive research on Russia's politics, economics, diplomacy and history, the experts said.

It will be a valuable reference tool for the government when making Russia-related policies, they added.

"Russia experienced low economic growth in 2012 and in light of the deepening European debt crisis and sluggish global economy, Russia's development is facing numerous challenges," said Huang Yongquan, deputy director of the Institute of Euro-Asia at the CASS.

Even so, statistics from the report still show that Sino-Russia trade was worth a record $88.16 billion in 2012, an 11.2 percent increase over 2011.

"The data indicates that a closer bilateral economic relationship has already formed between the two countries," Huang said.

Vladimir Putin became Russian president in 2012 and has continuously stressed the importance of strengthening relations with China.

To attract Chinese investors, Russia has established preferential policies to expand cooperation with China in areas of energy, finance, industrial modernization and infrastructure, the report said.

Zhou Huiting contributed to this story.