MOSCOW/SHANGHAI/BEIJING, May 23. /TASS/. Russian Prime Minister Mikhail Mishustin begins the work program of his two-day visit to the People's Republic of China on Tuesday. This is Mishustin's first visit to China as prime minister.

Late at night local time, he arrived in Shanghai, the country's largest financial center, a megalopolis considered the "showcase of the Chinese economic miracle". Here, the head of the Russian government will address the Russia-China Business Forum. Leading companies from both countries will also take part in the event. The plenary session will be followed by thematic sessions on the development of cooperation in various sectors of the economy.

The forum will be held in the newly built conference center next to the Russian Consulate General in Shanghai. The area is popular with residents and tourists.

After his speech at the forum, Mishustin will visit the SINOPEC Shanghai Research Institute of Petrochemical Technology (SRIPT) and meet with representatives of the Russian business community for a working lunch. The Russian prime minister is also scheduled to hold talks with the president of the BRICS New Development Bank Dilma Rousseff.

Talks with Xi Jinping in Beijing

The Russian prime minister will continue his work in the Chinese capital on Wednesday, with meetings scheduled with Chinese President Xi Jinping and Premier of State Council Li Qiang. The talks will focus on expanding trade and economic ties, with special attention to industry, energy, transportation and agriculture. The sides plan to sign bilateral agreements after the meeting.

Economic cooperation between Russia and China

According to the Russian government, bilateral trade between the two countries in the first three months of this year increased by almost a quarter compared to the same period last year, reaching $51.9 billion.

The share of national currencies in bilateral payments for goods and services is growing. Cooperation is developing through banking, insurance and stock exchange organizations, rating agencies, as well as in the field of payment systems. Industrial cooperation is expanding, including major projects in the car and aircraft industries.

Energy projects

Russia and China are paying special attention to cooperation in the energy sector. In the gas sector, Moscow and Beijing signed an intergovernmental agreement earlier this year on the supply of Russian gas to China via the Far Eastern route, including the cross-border section of the gas pipeline across the Ussuri River near the cities of Dalnerechensk in the Russian Federation and Hulin in the People's Republic of China. When the project reaches its full capacity, the volume of Russian pipeline gas supplies to China will increase by 10 billion cubic meters to a total of 48 billion cubic meters per year.

Russia is also increasing its oil supplies to China and ranks first among oil exporters to the Chinese market. Russian Deputy Prime Minister Alexander Novak said earlier that last year Russia's oil exports to China reached 67 million tons, which is almost a third of the total oil supplies abroad. This year, according to Novak, oil exports to China will grow even more.