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Thursday, December 17, 2015, 22:26

China, Russia sign over 30 deals

By Agencies

China, Russia sign over 30 deals
Chinese Premier Li Keqiang (right) shakes hands with Russian Prime Minister Dmitry Medvedev during a signing ceremony at the Great Hall of the People in Beijing on Dec 17, 2015. (AFP PHOTO / POOL / FRED DUFOUR)

BEIJING - China and Russia signed more than 30 cooperation documents in energy, investment, finance, high technology and other areas during the 20th China-Russia Prime Ministers' Regular Meeting on Thursday.

Energy giants Sinopec and Rosneft signed an MOU on oil and gas projects in eastern Siberia while CNPC and Gazprom inked an agreement on the design and construction of the cross-border section of China-Russia east-route natural gas pipeline.

China Development Bank and Russia's state corporation Vnesheconombank (VEB) also signed an agreement on a 10 billion yuan (US$1.56 billion) loan.

"The slew of deals signed between China and Russia is a testimony of a higher level of our relationship, and we are determined to ensure their implementation," Chinese Premier Li Keqiang said when meeting the press along with his Russian counterpart Dmitry Medvedev.

With the sluggish global economic recovery, lower commodity prices and downward pressure for economies, China and Russia have faced common challenges for growth, Li said.

"But China and Russia have faced downward pressure on the economy head on," he said, citing increased Chinese commodity imports from Russia and rising bilateral cooperation in energy, equipment, high technology and e-commerce.The two countries also intend to increase their mutual trade turnover to US$200 billion a year by 2020, TASS news agency quoted Medvedev as saying on Thursday.

Both premiers called on the two countries to find new growth engines.

China proposed joint efforts to set industrial capacity and equipment manufacturing as new areas to power the economy, urging implementation of key cooperation projects and more cooperation in areas including energy, finance, aviation, agriculture and military technology.

Li also proposed carrying out cooperation in oil exploration, development and refineries, and aligning China's development strategies of innovation, mass entrepreneurship and "Made in China 2025" plan with Russia's Development Strategy by 2020.

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