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Russia, China sign memorandum on managing company for joint investment fund

November 10, 2014, 14:09 UTC+3 BEIJING
Russia is ready to use yuans in accounting practices for a range of projects involving Chinese technologies and contractors, director general of VEB Asia Pyotr Selivanov said
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© ITAR-TASS/Yuri Smityuk

BEIJING, November 10. /TASS/. Russia and China inked a memorandum on Monday in Beijing on setting up a managing company for the joint venture fund of prospective investments.

“We are ready to use the opening investment possibilities in both Russia and China. The signing of today’s document is a very important beginning. It is remarkable as this is happening during the APEC forum in Beijing, which has again stressed the significance of the Russian-Chinese trade and economic cooperation,” the president of China Finance Strategies Investment Holdings Ltd, Hua Fenmao, said.

The director general of VEB Asia, a subsidiary of the Russian bank’s in Hong Kong, Pyotr Selivanov, said the board of directors of the managing company will consist of Chinese and Russian representatives, and the fund will comprise joint investments.

“We plan to diversify our investments. Dollars should be abandoned. In many projects, we are carrying out now the Chinese part is great. We can allocate funds in Chinese yuans,” Selivanov said.

Russia is ready to use yuans in accounting practices for a range of projects involving Chinese technologies and contractors, said the director general of VEB Asia. “In Russia, we use rubles in accounting with manufacturers, in China we use yuans, and dollar serves here as a currency-mediator and we seek to abandaon this practice,” he said.

Speaking on investment, Selivanov said, “This is an absolutely real sector, mining industry, infrastructure projects, including housing.” He stressed that Russia and China can enter a new level of relations in trade, besides investments in oil and gas sector.

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