China and Russia on Wednesday signed a five-point statement on bilateral relations and mutual cooperation.

Chinese President Hu Jintao (L) shakes hands with his Russian counterpart Dmitry Medvedev during the celebration for the 60th anniversary of the establishment of the diplomatic relations between China and Russia in Moscow, capital of Russia, June 17, 2009. [Xinhua]

Chinese President Hu Jintao attended the Shanghai Cooperation Organization (SCO) summit and the meeting of BRIC (Brazil, Russia, India and China) in Yekaterinburg in central Russia on June 15 and June 16. He arrived in Moscow on Tuesday for a three-day state visit.

China-Russia strategic partnership of cooperation

Hu, who is on a state visit to Russia, discussed the current situation and prospect of the Sino-Russian strategic partnership of cooperation with his Russian counterpart Dmitry Medvedev. The two leaders held in-depth exchange of views on major international and regional issues and reached broad consensus.

The two sides are satisfied with the development of the Sino-Russian relations in the past year.

China and Russia thoroughly completed the boundary demarcation work between them in 2008, and ratified the Action Plan to Implement the China-Russia Treaty of Friendship, Good-Neighborliness and Cooperation (2009-2012).

The two countries have launched energy negotiations at Vice-Premier level and signed an inter-governmental agreement on cooperation in the field of crude oil.

The two leaders stressed that mutual supports on issues related to their core interests are an important part of the Sino-Russian strategic partnership of cooperation.

The Russian side reiterated that Taiwan and Tibet are inalienable parts of the Chinese territory. Russia will not change its stand on the issues concerning Taiwan and Tibet and will support the peaceful development of the cross-Straits relations and China's peaceful reunification.

The two sides emphasized that mutual supports on issues of sovereignty and territorial integrity are of vital importance. The Chinese side backed Russia's efforts in maintaining peace and stability in the region of Caucasus.

Domestic economic situation, global financial crisis

Both sides agreed that the current global financial crisis has triggered turbulence and instability in the international financial market and in the world's trade and economy, posing grave challenges to the economic growth of the two countries.

China and Russia shared the same or similar viewpoints and stance on the root cause of the current crisis, and the reform of the global financial system and the international financial institution.

Guided by the principle of equality and mutual benefits, nations around the world and international organizations should forge the broadest possible cooperation in politics, trade and economy and finance in a bid to overcome the financial crisis.

It is of special significance to try to unleash the maximum potential of various regional institutions and organizations and raise the financial market controllability.

The two leaders agreed to oppose global trade protectionism, saying the global financial system in the post-crisis era should be fair, equitable, inclusive and well-managed.

They also said that a new round of the IMF quota formula review and the reform schemes of the World Bank should be completed on time and that the emerging markets and developing countries should have a bigger say and broader representation in the international financial institutions.

The two sides stressed the importance of deepening bilateral cooperation in reforming the global financial system and in dealing with the fallout from the crisis.

A downward trend has been recorded in the trade volume, two-way investment and border trade between China and Russia due to the global financial crisis, they said. The two leaders agreed that China and Russia should work together to mitigate the negative impact of the crisis on bilateral trade and economic cooperation.

The two leaders signed a draft plan of the China-Russia investment cooperation, pledging to earnestly implement the draft plan and encourage enterprises of the two countries to carry out pragmatic cooperation in such areas as mechanical manufacturing, construction, the light industry, transportation, agriculture, communication, bank and insurance, technology, energy, the chemical industry, forestry and mining.

The two sides also made great efforts to work out a draft plan on the cooperation between northeast China and Russia's Far East and East Siberia regions.

The two leaders urged the relevant departments of the two countries to wrap up consultation at an early date on the draft plan, so that the plan could be submitted for approval when the heads of state of the two countries meet at the end of 2009.