Foreign and Military Affairs

China,Russia speak highly of energy negotiation mechanism

(Xinhua)
Updated: 2010-09-28 20:40

BEIJING - China and Russia spoke highly of their energy negotiation mechanism, a crucial component of the two countries' strategic partnership of coordination, in a joint statement released in Beijing on Tuesday.

The two sides affirmed in the statement the importance and efficiency of China-Russia energy negotiation mechanism and spoke about the concrete results of various contracts of cooperation in the energy field between the two nations. They pointed out that the completion of the China-Russia oil pipeline was a major outcome of bilateral energy cooperation.

According to the statement, the two sides decided to further cooperate in the fields of crude oil, natural gas, coal, electric power, nuclear energy, energy efficiency and renewable energy while they aimed to quickly reach consensus on the construction of the Sino-Russian natural gas pipeline. The two sides also agreed to promote coal mine overall development supported by railway and port construction, and further carry out cooperation in fields such as trading of electric power and power grid enhancement.

Both sides agreed to work hard to expand bilateral financial cooperation and at the same time develop their own domestic financial markets to improve the investment environment. China and Russia would support the mutual trading between Renminbi (RMB), the Chinese currency, and ruble, the Russian currency, in the two countries' interbank foreign exchange market.

Both China and Russia proposed that each nation should pursue a coordinative, consistent and stable macroeconomic policy, and continue to maintain the economic stimulus plans fitting each country's own condition while ensuring a stable domestic financial system, and further put forward international financial system reform. The two countries would work to improve global economic governance mechanism and oppose any form of protectionism.

In the joint statement, China and Russia vowed to make efforts, in conjunction with the international community, for a more favorable, balanced, all-beneficial and win-win multilateral trading system.