MOSCOW, June 6. /TASS/. Russian Economic Development Minister Maxim Oreshkin and Chinese Science and Technology Minister Wang Zhigang have signed a memorandum to create a research and technology innovation fund worth $1 bln.

The document was signed in the presence of Russian President Vladimir Putin and Chinese President Xi Jinping.

The Russian Direct Investment Fund (RDIF) and the China Investment Corporation (CIC) will finance the project. The new fund will be created for eight years, with the possibility to extend its existence by another two years twice.

"The new institution will contribute to transferring, promoting and implementing joint innovative decision with a special emphasis placed on supporting small-and medium-sized enterprises," the Russian ministry said.

Besides, during the meeting in Moscow the Russian Economic Development Ministry and the Chinese Ministry of Commerce signed a memorandum of understanding on measures to boost bilateral trade.

"The agreements signed during the summit will take trade and economic relations between Russia and China to a new level. The successful implementation of those goals will allow us to cross the trade turnover benchmark of $200 billion, which we expect in 2024. At present, this goal appears to be quite realistic," the Russian ministry quoted Oreshkin as saying.