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May 20, 2022

China, Russia vow stronger cooperation in trade, energy

Chinese President Xi Jinping and Russian President Vladimir Putin signed a joint statement to cement the strategic partnership in Shanghai.

China and Russia on Tuesday vowed to beef up cooperation in a wide range of fields, including finance, trade, energy and transportation infrastructure, Xinhuanet.com reports.
The pledge came in a joint statement during a visit by Russian President Vladimir Putin. Putin is in China for the 4th summit of the Conference on Interaction and Confidence Building Measures in Asia in Shanghai and a state visit at the invitation of President Xi Jinping. Xi held talks with Putin in Shanghai.
According to the joint statement, the two countries will expand local currency settlement for bilateral trade, cross-border investment and financing and will strengthen exchanges for the formulation of macro-economic policies.
The two pledged to increase bilateral trade to 100 billion U.S. dollars by 2015 and 200 billion U.S. dollars by 2020 from nearly 90 billion U.S. dollars last year.
The two will work to ensure balanced trade, optimize trade structure and expand mutual investment in fields like transportation infrastructure, mining development, and housing projects in Russia, said the statement.
The two sides vowed to deepen cooperation in the petroleum industry, kick-start Russia’s supply of natural gas to China as soon as possible and jointly develop coal mines in Russia. The two also will consider jointly building power plants in Russia to increase power supply to China.
According to rt.com Moscow and Beijing have rejected the imposition of sanctions as political tools and condemned attempts at “encouraging and financing” regime changes in other countries in a joint statement released during President Putin’s official visit to China. Having faced economic sanctions and threats of more of to come from the West, Russia has turned to the East, seeking to boost business ties in a friendlier environment.
Russia’s VTB and Bank of China agree on domestic currency settlements
VTB, Russia’s second biggest lender, has signed a deal with Bank of China, which includes an agreement to pay each other in domestic currencies, rt.com informs.
“Under the agreement, the banks plan to develop their partnership in a number of areas, including cooperation on ruble and renminbi settlements, investment banking, inter-bank lending, trade finance and capital-markets transactions,” says the official VTB statement.
An Agreement on Cooperation was signed by Titov and Bank of China President Chen Siqing in Shanghai on Tuesday in the presence of Russian President Vladimir Putin and Chinese President Xi Jinping.

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