China is embracing more cooperation opportunities with Russia after specific measures to develop Russia's Far East shared-border region were released during the second China-Russia Expo.
"Laws and regulations related to the construction of Russia's Vladivostok free port and special development zone come into force today," said Vladimir Miklushevsky, governor of Russia's Primorsky Territory, at Monday's promotional meeting highlighting regional economic and investment potential for 25 Russian federal regions.
"The free port will facilitate the integration of China's Belt and Road Initiative with Russia's plan of developing the far eastern region."
Investors in the free port will be exempt from tax on profits in the first five years, saving around 30 percent of investment cost, according to Miklushevsky.
Several other preferential policies from the 25 Russian federal regions were also released to potential Chinese investors during the meeting.
"The administrative barriers for investment have been gradually broken down in our krai," according to Vyacheslav Shport, governor of the Khabarovsk Krai of Russian Federation.
Related mechanisms and regulations have been improved to protect investors' rights and interests, and infrastructure construction has also made solid progress, Shport said.
More than ten oblasts of the Russian Federation have established sound relationships with Chinese provinces, and the two countries will continue to expand ties and seek new opportunities to deepen bilateral cooperation, said Alexei Likhachev, Deputy Minister of the Ministry of Economic Development.
Many Chinese firms also expressed their confidence in partner prospects with Russian counterparts. Railway, highway and electricity infrastructure construction and e-commerce were the focus of the exchanges.
"Russia needs much support in infrastructure construction to develop its national economy, and our company is very interested in cooperating with Russian counterparts," said Du Chunguo, head of the overseas business with Power Construction Corporation of China.
The China Harbin International Economic and Trade Fair started in 1990, and the China-Russia Exposition was upgraded last year to focus on bilateral cooperation between China and Russia.
More than 4,000 Russian business people, among nearly 10,000 from 103 countries and regions, attended the expo this year.
