China, Russia cement partnership with new co-op blueprint

With a host of new cooperation deals signed Monday, China and Russia further consolidated their partnership, a move leaders on both sides consider will benefit not only the two countries, but also world peace, regional stability and global collaboration.

Visiting Chinese Premier Li Keqiang and his Russian counterpart, Dmitry Medvedev, witnessed the signing of about 40 agreements after holding the 19th China-Russia Prime Ministers' Regular Meeting in Moscow. [Special coverage]

NEW COOPERATION BLUEPRINT

A local currency swap deal worth 150 billion yuan (24.4 billion U.S. dollars) between the central banks of China and Russia was among the documents signed, read a statement issued by the People's Bank of China.

The three-year agreement, extendable on mutual consent, is expected to facilitate bilateral trade and direct investment between the two countries.

China would like to enhance cooperation with Russia on major investment projects in such areas as mining, chemical industry, agriculture and infrastructure construction, Li said in his talks with Medvedev.

China is also ready to advance the establishment of a Eurasian high-speed transport corridor linking Beijing and Moscow, Li said, adding that the current priority should be the high-speed railway between Moscow and Kazan.

Meanwhile, Beijing will deepen cooperation with Moscow in nuclear power and energy in an integrated way that covers upstream, midstream and downstream industries, the Chinese premier said.

At a joint press conference with Medvedev after their meeting, Li hailed the promising bilateral people-to-people cooperation.

The premier proposed that the two countries strengthen cooperation in running schools, developing cultural and educational industries, implementing the China-Russia Youth Friendly Exchange Year program, and jointly commemorating the 70th anniversary of the end of World War II.

Through those measures, he said, the two sides will cement mutual understanding and friendship between their peoples and inject more vitality into bilateral all-round cooperation.

For his part, Medvedev said Russia is willing to promote two-way large-scale investment and advance cooperation with China in areas including transportation infrastructure and aviation.

The two countries also agree to open their markets wider to each other and stand against trade protectionism, according to a joint communique issued after the pair's meeting.

When meeting Valentina Matviyenko, chairwoman of the Federation Council, or the upper house of parliament, Li said China will also explore new fields of cooperation and increase sub-national exchanges.

Noting that China's position as a developing country will remain unchanged for a long period of time, and that China still has a long way to go in modernization, the premier said his country still has enormous development potential.

That reality, he pointed out, will provide new opportunities for the two countries to further cement and deepen bilateral cooperation.

Also on Monday, Li told Russian parliament leaders he hoped that the national legislatures of the two countries would strengthen exchanges, and actively support bilateral cooperation in various fields.