China inks energy and trade deals with Russia

Premier Wen Jiabao and Russia’s Prime Minister Dmitry Medvedev attend a joint news conference in Moscow, on Thursday. Wen stressed the importance of ties between the two countries. [YEKATERINA SHTUKINA / Agence France-Presse]

Premier Wen Jiabao says meeting is 'link between the past and future'

China and Russia on Thursday signed a number of agreements, with a focus on energy and trade, to boost cooperation as both countries are eyeing further growth against the backdrop of the global economic downturn.

The countries should further expand bilateral trade and realize the goal of $100 billion by 2015 at an early date, Premier Wen Jiabao said at the 17th regular meeting between Chinese and Russian prime ministers.

Wen and his Russian counterpart Dmitry Medvedev witnessed the signing of cooperation agreements in energy, nuclear power, transport, high-tech, personnel training and cultural sectors.

"As profound changes are taking place in the world and in the regional situation and risks are growing with the global economic downturn, China and Russia should come closer to jointly tackle the challenges and speed up our own development," Wen said.

The two countries should also enhance coordination and cooperation at multilateral occasions and protect their common interests, Wen said.

Co-chairing the meeting with Medvedev, Wen put forward seven proposals including promoting cooperation in energy, investment, processing industry, technology and aviation.

The meeting serves as "a link between the past and future", Wen said at a joint news conference after the meeting.

It was the 10th and final time that Wen co-chaired the meeting, as China concluded its once-a-decade leadership transition in November. It was also the first time Medvedev has hosted the meeting since assuming office as prime minister.

Hailing the meeting "efficient and having strategic meanings", Medvedev said in addition to increasing trade, the two countries should also improve the quality of cooperation in two-way investment, high-tech, nuclear power and aircraft manufacturing.

The two sides also agreed to boost interregional and border cooperation.

Leaders from the two countries had a deep discussion on energy cooperation in the natural gas, oil and coal sectors, Medvedev said. "Consensus in this area will lay a foundation for future cooperation."

China and Russia on Wednesday inked four agreements on energy cooperation, including a roadmap on cooperation in the coal sector and an agreement on electricity supply.

Close ties between the two neighbors have blossomed, especially in the economy and trade, with bilateral trade reaching $73.6 billion in the first 10 months of this year, a year-on-year increase of 13.4 percent.

The meeting was "fruitful" and set the strategic guidance for economic cooperation between the two countries, said Feng Yujun, director of the Institute of Russian Studies of China Institutes of Contemporary International Relations.

"The two countries have made breakthroughs in major economic areas, including nuclear power and Russia's supply of coal and electricity to China," Feng said, referring the countries' energy cooperation as "extensive and deep".

There is also a lot of potential for cooperation in the high-tech sector, including aircraft manufacturing and the research and development of helicopters, Feng said.

Xing Guangcheng, a researcher on Russian studies at the Chinese Academy of Social Sciences, said that in addition to oil and natural gas cooperation, the achievements of this meeting indicate that the two countries will have more cooperation in coal and electricity supply in the future.

Stability and sustainability are key features of the Sino-Russian relationship, despite leadership changes in both countries, Xing said.

Contact the writers at qinjize@chinadaily.com.cn and chengguangjin@chinadaily.com.cn