China-Russian ties at unprecedented high: Medvedev
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E-mail Xinhua, October 23, 2013
The two countries will also construct a joint-venture oil refinery in Tianjin, which will be able to process 16 million tonnes of crude oil each year. China National Petroleum Corporation (CNPC), the country's largest oil and gas producer and supplier will hold a 49 percent stake and Rosneft the remaining 51 percent, he added.
Russia and China had also agreed on a price-setting formula for Russian gas, and are negotiating the price itself, he said. "Although this issue is relatively tough, we will reach consensus soon."
On the nuclear front, the Russian prime minister said his country was willing to continue cooperation with China.
Tianwan nuclear power plant in eastern China's Jiangsu Province, which now has four reactors, was a good example of bilateral cooperation over nuclear energy, he said.
WELCOME TO FAR EAST
He said Russia welcomed more Chinese investment in the Russian Far East and promised to protect foreign investors.
Chinese companies have begun developing the Russian Far East and both sides had many joint projects. Large Chinese companies mainly invest in energy, chemicals and mining, while medium and small companies largely did business in agriculture and other sectors, he said.
Russia will protect all foreign investors, including those from China, he said. "We won't let foreign investors feel wronged. Otherwise, no one will come to the country to invest."
Over the eight year period ending in 2012, direct foreign investment by Chinese companies in Russia increased 40 times to reach 4.9 billion U.S. dollars. In the first seven months of this year, the figure rose by another 250 million U.S. dollars, according to Tang Hua, an official with the National Development and Reform Commission, China's top economic planning body.
EMERGING ECONOMIES CRUCIAL
Medvedev said emerging economies including BRICS nations are crucial for the future of the world economy. "If China, India, Brazil, South Africa and Russia can not contribute to the steady development of the world economy, nothing can be achieved."
Russia's largest trade partner, the European Union is facing economic recession. The situation of the U.S. economy is still not optimistic, he said.
BRICS nations and other emerging economies have difficulties, but their potential is great and offsets shortcomings of developed nations whose economies are "very dull," he said.
"Without coordination in the international monetary system and financial institutions, we cannot succeed," he said. "We will work hard to cooperate within various mechanisms, including the G20 and BRICS."
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