Stronger co-op vowed on China-Russia finance, investments

China and Russia pledged to strengthen cooperation in investment and finance on Thursday, shortly before the two countries' top leaders were set to meet in China.

Both sides should fully use the Russia-China Investment Fund, materialize planned projects, and conduct more cooperative efforts like equity investment, issuing of bonds, and mergers and acquisitions, Vice-Premier Zhang Gaoli told visiting Russian First Deputy Prime Minister Igor Shuvalov.

Zhang called for Russia to facilitate Chinese enterprises' investment in Russia's Far East region, which borders China's northeast region, adding that China would like to see an increase in two-way investment.

China has been Russia's fourth-largest source of foreign investment. It invested $4.08 billion in Russia last year, a surge of 518.2 percent from the previous year, official statistics show.

The increased investment from China came from the implementation of some strategic projects, especially those in the oil and natural gas fields, Voice of Russia quoted experts as saying earlier.

The Russian Direct Investment Fund and China Investment Corp established the $2 billion investment fund when Putin visited China in 2012. He is due to attend the Conference on Interaction and Confidence Building Measures in Asia in Shanghai on May 20 and 21. President Xi Jinping is scheduled to chair the meeting.