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Published on : Sep 10, 2014

In a joint effort to develop high-speed rail, energy, telecommunications, housing, infrastructure projects, and mining, China and Russia have both agreed to increase their reciprocal investment.

Zhang Gaoli, the Chinese Vice Premier and Igor Shuvalov, the First Deputy Prime Minister of Russia co-chaired the initial meeting of the Investment Cooperation Committee of China-Russia. The meeting was held in Beijing, in the Great Hall of the People.

Zhang said both the sides need to generate a more comfortable environment for reciprocal investment. Shuvalov agreed and said that Russia is ready to be open to more of Chinese investors entering their markets with more favorable conditions and easier financial services.

Zhang also mentioned that the launching of this committee has entered the Russia-China partnership into a relatively new age of progress. The committee is planning to implement the decisions made by the joint effort between the two countries, as well as preparing for the 19th regular meeting between their heads of government.

Since the onset of 2014, the Chinese direct investments in Russia have grown in number. China is currently the fourth-largest investment source for Russia, with a total flow of USD 32 billion. Zhang noted the opportunity of increased bilateral investment as an increasing number of Chinese and Russian companies are open to invest in the other country. He hopes the companies will make the most of the new committee and tap the potential nature of complementary advantages.

Shuvalov also expressed his views, saying the burgeoning bilateral investment is important to expansion and improving cooperation between China and Russia.