China-Russia finance ministers agree to expand fiscal cooperation

Chinese Minister of Finance Lan Fo'an and Russian Minister of Finance Anton Siluanov co-chaired the 11th China-Russia Financial Ministerial Dialogue in Beijing on Tuesday. The dialogue resulted in several agreements concerning the enhancement of bilateral fiscal cooperation.

The meeting further solidified the important consensus reached by the heads of state of the two nations, with both sides engaging in in-depth discussions on a range of topics, including macroeconomic conditions and policies, local fiscal management practices, and cooperation between financial think tanks.

Lan suggested the two countries strengthen communication and coordination on macroeconomic policies, with Russia adding new momentum into global economic stability and growth. 

As the global economic growth outlook is bleak, with an increasingly complex and volatile external environment, he said both countries should take a holistic approach to the interplay between domestic and international development, enhance economic resilience and stability, and jointly address risks and challenges.

Lan noted that China's successful convening of the fourth plenary session of the 20th Communist Party of China Central Committee has laid out a top-level design and strategic blueprint for the country's development over the next five years. Russia, for its part, has formulated a national development strategy aimed at advancing economic structural reform.

"China is willing to conduct in-depth exchanges with Russia on macroeconomic trends and policy to support both countries' growth and revitalization, and to contribute stronger momentum to global development," Lan said.

The two countries could further advance bilateral exchanges and cooperation in fiscal and financial policy to achieve higher-level mutual benefit and win-win results, according to Lan.

"China stands ready to strengthen exchanges with Russia in fiscal, taxation and financial fields, promote experience sharing in fiscal management and financial supervision, deepen cooperation in banking, securities and insurance sectors, and encourage fiscal and financial think tank collaboration on policy research between the two sides," he said.

The two countries could also step up communication and coordination on major international financial and financial issues, and work together to promote the building of a fairer and more equitable global economic governance system, he added.

Siluanov also called for stronger financial cooperation between the two countries.

yinmingyue@chinadaily.com.cn