MOSCOW, Dec. 23 (Xinhua) -- Russia and China have established in recent years a relationship that is more than a simple strategic partnership, which will be further promoted, Russian President Vladimir Putin said Friday at his annual year-end press conference.

China is our biggest trade and economic partner, even though there has been some decline caused in part by objective circumstances, primarily lower energy product prices, he said.

Moreover, the two sides have made joint efforts to diversify their cooperation, with major projects launched in the fields of aviation, infrastructure, space and atomic energy.

He congratulate China on its currency yuan joining the International Monetary Fund's basket of reserve currencies, which he said would benefit bilateral economic relations.

As Russia and China share common positions on many issues at the global arena, Putin believed that the two countries will continue to be serious stabilizing elements on all international affairs.