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China and Russia Sign an Array of Agreements To Boost Cooperation

Dec. 17, 2015 (EIRNS)—At the 20th China-Russia Prime Ministers’ Regular Meeting held today in Beijing, Russian and Chinese premiers Dmitry Medvedev and Li Keqiang signed 30 agreements to boost economic ties, reported the BRICS Post today.

"The slew of deals signed between China and Russia is a testimony of a higher level of our relationship, and we are determined to ensure their implementation,"

Li said when meeting the press along with Medvedev, Xinhua reported.

Included in the deals were the signing of a memorandum of understanding (MOU) on oil and gas projects in eastern Siberia by the energy giants Sinopec and Rosneft, while the China National Petroleum Corp. and Russia’s Gazprom inked an agreement on the design and construction of the cross-border section of China-Russia east-route natural gas pipeline, Xinhua reported. The MOU "envisages" pre-feasibility and concept design with respect to a potential gas and petrochemical joint venture to produce refined products, Global Times reported today. Also included was an agreement of a 10-billion-yuan ($1.56 billion) loan by China Development Bank to Russia’s state corporation Vnesheconombank (VEB).

An MOU was signed recently between the central banks of China and Russia to further deepen financial cooperation, the People’s Bank of China (PBOC) said in a statement. The PBOC said the MOU with Central Bank of the Russian Federation would boost cooperation in areas of shared interest, including promoting local-currency settlements, bank card issuance, access to local-currency bond markets and credit ratings.

Also, China Daily reported on Dec. 16 the signing of an agreement between China and Russia on the sale of Russia’s S-400 surface-to-air missile system, citing Dmitriy Shugaev, a senior manager of Russia’s state-owned company Rostec. He said that the S-400 deal "is important to both Russia and China" and that China will be the first foreign user of the missile system, but he declined to expand on the details, saying they "are too sensitive to be revealed." In addition, the two premiers also sought ways to push the proposed integration project of the Russia-led Eurasian Economic Union (EAEU) and China’s ambitious Silk Road Economic Belt.