Xi says China-Russia economic, trade cooperation boasts great potential

BEIJING — Chinese President Xi Jinping said Monday that China-Russia economic and trade cooperation has great potential to be tapped as many new growth areas are emerging from structural optimization.

Xi made the remarks in an interview with Russian media ahead of his departure for the July 3-4 state visit to Russia.

The Chinese president said he and Russian President Vladimir Putin both think China and Russia should deepen economic and trade cooperation so as to reinforce their interests bond and better benefit the two peoples.

Economic and trade cooperation enjoys the broadest basis in China-Russia practical cooperation, and has great potential to be tapped because many new areas of growth are emerging from its structural optimization, Xi told the Russian media.

Xi cited the growth could be achieved from increased trade of mechanical and electrical and hi-tech products, smooth investment cooperation, deepening financial cooperation, the rapidly growing farm produce trade, the Far East development cooperation on a faster track, and a steady progress in strategic cooperation projects and cross-border infrastructure construction.

Strategic projects in sectors such as energy, nuclear and aerospace serve as the cornerstones of cooperation, where the two countries should join efforts in research, production and application of cooperation achievements, Xi said.

He added that joint cross-border infrastructure projects such as the building of an international transport corridor and the North Polar sea-route will help promote interconnectivity to inject new vigor into the cooperation.

Xi also highlighted bilateral efforts underway to boost alignment of the China-proposed Belt and Road Initiative with the Russia-led Eurasian Economic Union, which he said will help open more cooperation space by facilitating investment and trade, and by increasing business opportunities and movement of technology and capital, among others, to benefit all parties involved.

Meanwhile, the Chinese president stressed the key role of small- and medium-sized enterprises (SMEs) in economic growth, innovation and job creation, urging efforts to boost the SME cooperation between the two sides.

"The two governments should create a favorable environment for cooperation between SMEs of the two countries, and encourage their interest in this aspect, enabling them to grow along, boost each other and work together with big enterprises to open third-party markets," Xi suggested.