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Russia, China to set up commission for investment cooperation

May 20, 2014, 11:50 UTC+3 SHANGHAI
The commission for investment cooperation will bring together representatives of the state and state-owned and private companies
1 pages in this article
Vladimir Putin and Xi Jinping

Vladimir Putin and Xi Jinping

© AP Photo/Carlos Barria, Pool

SHANGHAI, May 20. /ITAR-TASS/. Russia and China plan to set up a commission for investment cooperation at the level of deputy prime ministers and high level groups for control over strategic projects, the leaders of the two countries said in a joint statement adopted after talks between Russian President Vladimir Putin and Chinese leader Xi Jinping in Shanghai.

"The parties called for supporting the measures towards perfecting the mechanism of regular meetings between the Russian and Chinese premiers, including the establishment, at the level of their deputies, a Russian-Chinese commission for investment cooperation and a Russian-Chinese high-level group for control over the implementation of strategic economic cooperation projects, as well as dedicated working groups in the energy sphere," the document noted.

Russian-Chinese investment cooperation commission to bring together public and private companies

The Russian-Chinese commission for investment cooperation at the level of first vice premiers will bring together representatives of the state and state-owned and private companies, head of the Russian Direct Investment Fund /RFPI/ Kirill Dmitriyev told reporters.

"A joint review of investments in various projects can make the discussion more effective and clear," Dmitriyev said, noting that "the Russian-Chinese fund created by the RFPI and China's Sovereign Wealth Fund, will play an important role in funding these projects."

Russia, China to increase volume of settlements in national currencies

Russia and China plan to increase the volume of direct settlements in national currencies in mutual trade, according to the joint statement on a new stage of relations of comprehensive partnership and strategic interaction, signed after Russian-Chinese top-level talks.

"The parties intend to make new steps towards increasing the level and expanding the spheres of Russian-Chinese practical cooperation by launching close interaction in finance, such as increasing the volume of direct settlements in the national currencies of Russia and China in trade, investment and credit provision," the document said.

It also noted that the two countries also planned to intensify the dialogue over macro-economic policy issues.

Russia and Chain will stimulate the growth of mutual capital investment, including in transport infrastructure facilities, comprehensive development of mineral deposits and construction of low-income housing in Russia.

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