China-Russia economic cooperation sustainable: VP

Updated: 2014-10-12 03:12


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SOCHI, Russia - Economic cooperation between China and Russia is long-term, stable and sustainable, which serves both countries' interests and benefits world economy, visiting Chinese Vice Premier Wang Yang said Saturday.

China is willing to export to Russia more products such as oil-and-gas related items, communication equipment, industrial consumer and agricultural goods, Wang said at a meeting with Russian Deputy Prime Minister Dmitry Rogozin.

Also, China eyes more imports of Russia's electromechanical and high-tech products, he said, adding both sides should spare no efforts to raise their trade volume to 100 billion U.S. dollars in 2015.

During the meeting, the officials hailed cooperation in such strategic spheres as long-range wide-body aircraft development, nuclear power utilization, satellite navigation system and aerospace programs.

They also agreed to sign a bilateral local currency swap agreement when Chinese Premier Li Keqiang and his Russian counterpart Dmitry Medvedev meet next week in Moscow.

Noting economic cooperation between China and Russia is all-dimensional and multi-layered, Wang said Beijing values the quality of the cooperation more than its scale.

"We not only focus on exploiting the leading role of major strategic programs, but also encourage small and medium-sized enterprises to get involved," he told a China-Russia business forum which Rogozin also attended.

"We not only focus on cooperation at central government level, but also support local and regional interaction," he added.

Both sides should further expand the openness of their markets, create more forms of investment cooperation and improve investment climate, Wang said.

The China-Russia economic cooperation is open and inclusive, not repulsive to any third party. The deepened bilateral cooperation will inject fresh vitality into regional economic interaction and boost global economic growth, he said.

Wang was in Russia for the 18th meeting of the Joint Commission for the Regular Prime Ministers' Meetings of China and Russia between Thursday and Saturday at the invitation of Rogozin.