China to strengthen energy cooperation with Russia: President Hu

11:21, June 11, 2011      

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China is willing to strengthen cooperation with Russia and other energy-producing and energy-consuming countries to jointly safeguard the stability of world energy market and achieve mutual benefits and win-win results, President Hu Jintao said Friday.

President Hu made the remarks in a written interview with Kazakh and Russian media on the eve of his upcoming visit to Kazakstan, Russia and Ukraine from June 12 to 20.

"China highly esteems its energy cooperation with Russia, which is an important part in China-Russia economic and trade cooperation as well as a key component of the strategic partnership of cooperation between the two nations," Hu said.

China has been actively engaged in the development of international energy market and extensive cooperation with relevant countries in recent years, he said, adding that these activities are conducive to enhancing global energy supply and safeguarding the stability of world energy market.

Hu said China and Russia have jointly overcome the impact of global financial crisis on their bilateral trade, as the two-way trade volume reached about 60 billion U.S. dollars in 2010 and China has become Russia's largest trade partner.

Judging from the current growing momentum of bilateral trade, the goal proposed by Russian President Dmitry Medvedev last November that two-way trade reaches 100 billion dollars in three to five years is absolutely achievable, Hu said.

The two countries should give full play to their respective advantages to achieve better and faster development of economic cooperation by expanding trade scale and improving the quality and level of the cooperation, he said.

In recent years, two-way investment has been growing fast with more and more cooperation programs in different sectors, he said, adding that the two countries endorsed in 2009 the Sino-Russian Investment Cooperation Plan and the planning outline of regional cooperation between the North East of China and the Russian Far East region and East Siberia.
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