China, Russia to boost co-op in finance, energy

By Zhang Xin (China Daily)
Updated: 2009-04-03 08:13

China and Russia vowed to strengthen cooperation in finance and energy sectors to fight the global financial crisis.

China, Russia to boost co-op in finance, energy

Chinese President Hu Jintao (L) shakes hands with Russian President Dmitry Medvedev in London, Britain, April 1, 2009. [Xinhua]

"As the international financial crisis continues to spread, strengthening the Sino-Russian strategic partnership is of particular urgency and importance," President Hu Jintao said.

He made the remarks during the meeting with his Russian counterpart Dmitry Medvedev, before the G20 summit in London on Wednesday.

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Hu, who will visit Russia in June, said the two countries should work together to push forward the reform of the global financial system.

He also said the neighbors must promote cooperation in all economic fields to tide over the world's worst economic woes in more than six decades.

Existing deals in natural gas and nuclear energy should be implemented and new deals should be sought, he said, while calling for an inter-governmental agreement on cooperation in the oil sector to be inked as soon as possible.

Medvedev said Russia is willing to push for cooperation in fields such as trade and energy.

Chen Fengying, an expert with China Institute of Contemporary International Relations, said a Sino-Russian partnership will help the emerging economies gain a bigger say in the financial system.

"The two countries will spare no effort to fight protectionism. This is in their common interest", Chen said.

She also believed the cooperation in the oil sector would improve as Russia is keen to secure oil export market shares amid the financial crisis.

Xiao Lian, an expert in World Politics and Economy with Chinese Academy of Social Sciences, said Russia is "a military power neighboring China as well as China's strategic partner in the region".