The Chinese and Russian Presidents, Xi Jinping (left) and Vladimir Putin (right)

China and Russia should treasure the valuable mutual trust established by both sides “just as we cherish our own eyes”, Chinese President Xi Jinping said during his state visit to Russia. The two countries celebrated the 70th anniversary of diplomatic ties. The two Presidents signed an agreement to upgrade bilateral relations to a “comprehensive strategic partnership of coordination for a new era”. A second agreement aims to strengthen global strategic stability. President Putin said his country is committed to deepening cooperation with China in the fields of economy and trade, agriculture, finance, science and technology, environmental protection, telecom and infrastructure construction. He also said Russia is ready to provide China with sufficient oil and gas, and export more agricultural products to China.

Deeper energy sector cooperation is expected to drive the development of foreign trade between the two countries. Both countries listed 16 potential areas for future cooperation, ranging from Beijing’s Belt and Road Initiative (BRI) to joint space and Arctic explorations. With the second line of the China-Russia oil pipeline entering commercial operation in January last year, four Russian VVER-1200 nuclear reactors to be built, and more imports of liquefied natural gas from the Yamal project in Russia’s resource-rich Arctic region, the two sides are expected to set record highs in bilateral economic trade this year. Trade between Russia and China soared by nearly 30% to a record USD107.06 billion last year, according to China’s General Administration of Customs. Bilateral trade reached USD33.17 billion in the first four months of this year, up 5.8% year-on-year.

After their meeting, the two Presidents witnessed the signing of a number of cooperation documents, met with the media, visited an exhibition of cars produced by Great Wall Motor’s plant in Russia’s Tula region, and attended the inauguration ceremony of the panda house in Moscow Zoo. Huawei, considered a security threat in the U.S., signed a deal with Russian telecom company MTS to develop a 5G network in Russia over the next year. The deal will see “the development of 5G technologies and the pilot launch of fifth-generation networks in 2019-2020”, MTS said in a statement. President Xi also visited St Petersburg and delivered a speech at the 23rd St Petersburg International
Economic Forum.

Ahead of his visit, President Xi told Russian media that China has the ability and confidence to withstand any challenge to its economic development caused by its trade war with the U.S., adding that despite global growth having slowed since the start of the year, China’s economy had achieved a steady expansion. The country was home to the world’s largest middle class population, which created vast demand, he said, adding that domestic consumption now accounted for more than 76% of economic growth.

This was Chinese President Xi Jinping’s eighth visit to Russia since becoming President in 2012.