Russia and China plan to cooperate in knowledge-intensive industries


Vladimir Putin had talks with President of the People’s Republic of China Xi Jinping at the Kremlin, presidential web page reported.

Addressing media after the talks, Russia’s president noted, “China firmly holds the position of Russia’s leading foreign trade partner. Last year trade went up by a quarter to reach a record $108 bln. Tangible success was achieved in investment. About 30 investment projects worth a total of $22 bln are underway with Chinese capital.”

“Russia and China intend to develop the practice of conducting financial transactions in our national currencies. We have just signed an intergovernmental agreement to further expand the use of the ruble and the yuan in bilateral trade to ensure the failsafe bank servicing of transactions in conditions of instability on global markets,” he said.

According to the President, “Russia leads in oil distribution to China: last year 67 mio tons of raw materials were sent to China. A gas pipeline to the PRC along the so-called eastern route will enter service in December. Talks are underway on potential fuel exports westwards and also from the Russian Far East. Cooperation on the production and sale of LNG is being increased. The third stage of the Yamal LNG plant opened in November, one year ahead of schedule. A sizeable share in this plant – almost 30% belongs to China. We welcome cooperation on another large project – Arctic LNG 2.”

He also mentioned that “A general contract to build the third and fourth units of the Xudabao Nuclear Power Plant has been signed. The construction of a demonstration fast-neutron reactor is getting started in China with participation of Rosatom.”

“We focus a lot on strengthening bilateral cooperation in the manufacturing industry. The opening of a plant operated by China’s leading automaker, Great Wall Motors, is timed to coincide with President Xi’s visit. This plant will use advanced technology to make 80,000 vehicles annually, and local content will reach about 70%,” the President pointed out, adding, “Our plans include projects in aircraft and helicopter manufacturing, space exploration, biotechnology, pharmaceuticals and other knowledge-intensive industries. We have good prospects for agro-industrial production.”

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