Putin: Cooperation with China at "unprecedented level"

Russian President Vladimir Putin, left, and Chinese President Xi Jinping applaud during a signing ceremony at the Great Hall of the People in Beijing, Friday, June 8, 2018. Cooperation between Russia and China is at an all-time high, Russian President Vladimir Putin told his Chinese counterpart, Xi Jinping, in a meeting Friday ahead of a summit featuring their two countries and six Asian states. (AP Photo/Mark Schiefelbein)

Russian President Vladimir Putin has told his Chinese counterpart, Xi Jinping, that cooperation between their countries has reached an "unprecedented level," underscoring how pressure from the West has brought the sides closer

BEIJING — Cooperation between Russia and China is at an all-time high, Russian President Vladimir Putin told his Chinese counterpart Xi Jinping on Friday, underscoring how pressure from the West has magnified Beijing's political and economic importance to Moscow.

"Cooperation with China is one of Russia's top priorities and it has reached an unprecedented level," Putin said.

Xi said the two countries have "always firmly taken the development of relations as a priority direction."

They have "resolutely supported the other's core interests ... and jointly proactively participated in international affairs and global governance," Xi said.

Following their talks, Xi presented Putin with China's newly created Friendship Medal at an elaborate ceremony.

The two leaders also signed a statement saying that "in conditions of a growing global instability and uncertainty" Russia and China will "deepen their consultations on strategic stability issues."

They vowed to "expand counter-terrorism cooperation," boost contacts between their militaries and encourage joint international efforts to fight terrorism "without any double standards."

The statement also criticized the U.S. decision to pull out of the Iran nuclear deal and said they would endeavor to keep it alive and ensure further trade with Iran.

Officials from the two nations signed a raft of agreements on cooperation in economic development, transport, space and nuclear energy.

They included deals envisaging the construction of two more nuclear reactors at China's Tianwan nuclear power plant and more reactors at another location.

An agreement was also reached for Russia to provide equipment and know-how for China to build an experimental fast neutron reactor.

Russia and China have responded to the U.S. national security strategy describing them as America's top adversaries by vowing to further expand their economic, political and military cooperation.

Putin has been driven closer to China by a sharp decline in relations with the West after Moscow's 2014 annexation of Crimea and support for a separatist insurgency in eastern Ukraine. Moscow is increasingly looking to Beijing for trade and investment following waves of Western sanctions targeting its vital energy sector and military industries and limiting the country's access to global financial markets.

China has come under growing criticism over its militarization of the South China Sea and accusations of unfair trading practices and human rights abuses.

Along with closer bilateral ties, they have also sought to strengthen the Shanghai Cooperation Organization, an eight-member regional grouping they created, which holds its annual summit in China this weekend.

Putin's visit comes just a month since he began his new term in office. He and Xi have met 25 times — five times last year alone, according to Putin's foreign affairs adviser, Yuri Ushakov.

Following a formal welcoming ceremony at the Great Hall of the People in central Beijing, Putin first with Premier Li Keqiang, telling him that Russia-China trade and economic ties have "gained a good tempo, and we are looking for new spheres of cooperation."

Li said bilateral trade is expected to reach $100 billion this year and voiced a readiness to expand cooperation in both traditional and new spheres, including nuclear energy.

Bilateral trade shrank from nearly $100 billion in 2014 to some $60 billion the following year due to a sharp depreciation of the Russian currency. It has since partly recovered as the ruble has strengthened, reaching nearly $90 billion last year.

You may also like these

Asian markets lower after Wall Street decline

Sep 15, 2016

Asian stock markets were mostly lower Thursday following Wall Street's decline in light trading...

China launches second space station, Tiangong 2

Sep 15, 2016

China has launched its second space station in a sign of the growing sophistication of its...

DEA opens shop in China to help fight synthetic...

Jan 6, 2017

The U.S. Drug Enforcement Administration plans to open a new office in southern China and, at...

'One China principle' not negotiable, China tells...

Jan 16, 2017

Responding to remarks by Donald Trump, China's Foreign Ministry says the country's "one-China...

Malaysia Air on rebound as missing flight search...

Jan 17, 2017

Nearly three years after twin disasters took it to the brink of financial collapse, Malaysia...

Sign up now!

The Financial Capital is your independent source for finance information and advice. We provide insights and offer advice from financial experts so you can make the best decisions.

Contact us: sales[at]thefinancialcapital.com