China, Russia to deepen cooperation for common development

BEIJING - As the world's major emerging economies, China and Russia will continue to deepen bilateral cooperation to promote common development, Zhong Shan, vice minister of commerce, wrote in an article to be published Friday by the People's Daily, the flagship newspaper of the Communist Party of China (CPC).

Vice Premier Li Keqiang will pay an official visit to Russia from April 26 to 30 and exchange views with Russian leaders on how to improve bilateral cooperation and promote the economic development of the two countries and the region as a whole, Zhong said in his article.

China-Russia relations have enjoyed sound growth in recent years, with frequent high-level exchanges and deepening economic and trade cooperation, Zhong said.

China has become Russia's largest trading partner, while Russia ranks among China's top ten trading partners. During the first quarter of 2012, bilateral trade jumped 33 percent year-on-year to $21.49 billion, Zhong quoted official figures.

China and Russia have also improved their trade structure, Zhong said, citing increased trade in the machinery and electrical products sectors, which account for one-third of Sino-Russian trade.

"We will continue to encourage bilateral investment and collaboration in the electrical machinery sector. China will expand imports of machinery and electrical products from Russia," Zhong said in the article.

Bilateral foreign direct investment amounted to $3.8 billion as of the end of 2011, and Russia has become China's ninth-largest investment destination, Zhong said.

The two countries have also promoted the development of border trade and strengthened cooperation in energy, mineral resource exploration, infrastructure construction and high-tech research and development.

The two countries have joined hands in coping with the global financial crisis and played an important role in facilitating the steady growth of the global economy, according to Zhong.

China and Russia will continue to improve their trade structure, regulate trade order, increase bilateral investment, enhance financial cooperation and upgrade their industries, Zhong said.