China ready to implement deals with Russia


BEIJING : China’s government is ready to jointly with Russia implement the deals that have been reached, Foreign Ministry official spokesman Hong Lei told reporters on Monday commenting on the results of Vladimir Putin’s visit to Beijing.

Describing Russian President Vladimir Putin's visit to China on Saturday as "brief but productive", the Global Times said Moscow and Beijing vowed to strengthen global strategic stability in joint statement. They also showed support to each other on core-interest issues. The daily said in an editorial although the statements avoided mentioning the US, the problems they pointed out can be connected to it. 

China was among those investors named as a possible new stakeholder in Russian oil company Rosneft, on the table as a possible target of a privatization scheme meant to help pull Russia's energy-based economy out of recession. On Saturday, Rosneft Chairman Igor Sechin signed a series of deals with Chinese energy companies, including shipbuilding contracts.

"We have made a strategic decision to develop an unprecedented industrial complex with leading-edge equipment and technologies to help fulfill the shipbuilding requirements for the Russian Federation and to successfully compete in global shipbuilding markets," he said in a statement. According to the World Bank, the Russian economy will shrink by 1.6 percent this year before recovery emerges in 2017. Dual pressures from lower crude oil prices and Western sanctions have put strains on the Russian economy.

Russian natural gas Gazprom has a 30-year sales agreement with China National Petroleum Corp. to deliver natural gas through a pipeline dubbed the Power of Siberia. Putin said that, for the Kremlin, projects like these are still important for strengthening ties with China, the second largest economy in the world. "Russia and China have built constructive mutually beneficial and equal relations," Chinese Foreign Ministry spokesman Hong Lei was quoted by state-run Russian news agency Itar-TASS as saying. "China is ready to jointly with Russia implement the agreements that have been reached."