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China-Russia energy deals mark 'new era'

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"The highly frequent contact between the two heads of state complies with the interests of the two peoples and will help boost bilateral ties. The weighty agreements just showcase the closer cooperation," said Medvedev in talks with Hu.

Chinese President Hu Jintao (R) and Russian President Dmitry Medvedev attend a completion ceremony of the China-Russia oil pipeline in Beijing, capital of China, Sept. 27, 2010.[Xie Huanchi/Xinhua]

Hu told reporters after their talks the China-Russia strategic partnership of coordination "stands at a new starting point" as he called for a "new era" of bilateral ties.

While the energy deals are the spotlight of the world's attention during Medvedev's China visit, analysts said the deals are just one part of bilateral trade ties.

"Even though energy cooperation is an important part of China-Russia trade, it is, of course, not enough to constitute all of the two nations' trade," said Jiang Yi, a Russia expert with Chinese Academy of Social Sciences, adding that the two countries enjoy cooperation potential in areas like investment, high-tech, agriculture and finance.

In the talks, President Hu highlighted cross-border cooperation and cooperation in high-tech and innovation.

Hu also expressed his support for Russia's proposal on inter-bank listed trading of the RMB and Ruble in the forex markets.

"The two sides agreed that enhancing pragmatic cooperation in various fields between the two countries is of great significance to the quickened modernization of both countries," said Hu.

Medvedev, accompanied by a large delegation of senior officials and business tycoons, hailed bilateral trade cooperation and expressed the hope that the two countries can put their focus on major cooperative projects.

"We are delighted to see that bilateral trade has almost recovered from the impact of the global financial crisis, with trade volumes expected to bounce back to pre-crisis levels by the end of the year," Medvedev said.

Sino-Russian trade rose 49.6 percent year on year in the first seven months of this year to 30.7 billion U.S. dollars, according to official statistics. Analysts expect bilateral trade to reach 60 billion U.S. dollars this year.

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