Russia and China consider implementing 73 joint projects worth more than 100 billion USD

Russian President Vladimir Putin and Chinese President Xi Jinping. Photo: AP

Cooperation between China and Russia is a matter of global importance, as the two countries strive to achieve economic stability despite being hurt by US-imposed penalties, such as sanctions against Russia, and the escalating tariff war against China.

Beijing and Moscow have a rocky relationship, but their governments have publicly sought closer ties in recent years. The Russia-China Business Advisory Committee held its annual meeting this week as part of the Eastern Economic Forum (EEF) in Vladivostok, Russia.

According to the announcement of the Russia-China Investment Fund (RCIF), 7 projects worth 4.6 billion USD have been implemented as a result of bilateral cooperation between Russia and China. RCIF was established in 2012 by the China State Investment Corporation and the Russian Direct Investment Fund.

“While strong economic growth in both countries will certainly provide many domestic opportunities for profitable investment, we believe that there will be particularly promising projects in bilateral agreements, leveraging the Russia-China relationship,” said Kirill Dmitriev, CEO of Russia’s sovereign wealth fund.

In another announcement on the same day by RCIF, the Russia-China Investment Fund and Chinese science and technology investment group Tus-Holdings announced joint investment plans.

The cooperation will focus on technology, with $1.28 billion to be invested in Russia's Tushino Technology Park, northwest of Moscow.

The two groups are considering building a Sino-Russian technological innovation zone with an investment of more than 100 million USD, and launching a Russia-China joint venture fund with an initial capital of 100 million USD./.