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China counting on innovations for bolstering ties with Russia in energy industry

Russia is an important energy producer and supplier, which has "a perfect system for energy industry," said a Chinese official

BEIJING, November 29. /TASS/. China’s authorities intend to use innovations and recent developments to bolster cooperation with Russia in the energy sphere, First Vice Premier of the State Council of the People’s Republic of China Han Zheng said in a statement on Thursday.

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"It is necessary to secure development through innovations, which should be regarded as one of the main sources of growth. It is important to use the benefits of a new round of the scientific and technical revolution, contribute to the integrated development of artificial intelligence, data bulk and network technologies in the energy industry, allocate more funds and direct more efforts to the innovation and research activity and focus on the joint solution of difficult problems related to key technologies and equipment and advanced standards in order to galvanize energy cooperation," he noted, speaking at the first Russian-Chinese Energy Business Forum that is being held in Beijing.

Han Zheng highlighted that Russia is an important energy producer and supplier, which has "a perfect system for energy industry," while China acts as the leading producer and consumer of energy resources and the largest consumer and producer of renewable energy sources. "The consolidation of Chinese-Russian energy cooperation will definitely lead to the full release of our benefits as a result of complementarity," the vice premier added.

Russian and Chinese companies should play a special role in supporting the high dynamics of the development of bilateral energy cooperation, which, Han Zheng noted, has the leading role in bolstering Russian-Chinese energy cooperation. In his opinion, the current forum "should form a venue for the presentation of projects, searching for new possibilities, satisfying supply and demands and bolstering cooperation."

"Those who are just starting their activity in this area have a chance to establish contacts based on mutually beneficial commercial viability, actively develop joint projects and implement them. It is necessary to apply joint efforts to form a new environment," he concluded.

The joint energy forum in Beijing

The first Russian-Chinese Energy Business Forum is being held in the Diaoyutai State Guesthouse in Beijing. It involves about 300 representatives for Russian and Chinese energy companies. A number of round-table meetings devoted to coal and electric energy and oil and gas industry will be held during the forum. During Russian President Vladimir Putin’s visit to China this past June the state leaders agreed to establish a Russian-Chinese energy business forum. This decision was announced in August, summarizing the results of a presidential commission on the fuel and energy complex. This venue "will make it possible to extend cooperation between the two countries and find new areas for mutual investments and for the launch of promising projects in the energy sphere," the president said.

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