Russia, China ok $50 billion worth of business initiatives
Russian President Vladimir Putin has announced agreement on $50 billion worth of joint business initiatives with China.
"Fifty-eight various business initiatives with the total volume of investments being $50 billion have been selected," said Putin during an official trip to Beijing on Saturday.
Several top Russian business officials and company directors have accompanied Putin on his trip in which around some 50 official documents are expected to be signed.
"The relevant departments and firms of both countries signed a large batch of agreements. This visit of President Putin has produced bountiful results. It has brought new propulsion and vitality the overall strategic partnership of China and Russia,” said Chinese President Xi Jinping following a meeting with Putin.
During a meeting with Chinese Premier Li Keqiang at the Great Hall of the People in the heart of Beijing, Putin said, “Our relations really have the character of an all-embracing and strategic partnership."
Several energy deals have also been secured between the two countries, including deals to sell stakes in several Russian endeavors to Chinese companies.
Rosneft, Russia's top oil producer, agreed to sell 40 present of its shares in an upcoming project to build a petrochemical complex in Russia's Far East to the China National Chemical Corporation (ChemChina).
A deal was also reached on a large aviation project -- aimed at rivaling Boeing and Airbus. The two countries agreed on cooperation on a new wide-body long-range aircraft capable of carrying up to 300 passengers.
Putin noted that Moscow and Beijing have been engaged in "very meaningful work," and are capable of a "very profound discussion that ends with a result."
He further stressed that the two states have always been able to find "a balance of interests."
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