MOSCOW, August 19. /TASS/. The Russian Federation and the People’s Republic of China will intensify cooperation with international organizations, including the G20, BRICS, the SCO and APEC, to address global geopolitical divisions, according to the joint statement by the two countries released by the Russian Finance Ministry following the 10th Russian-Chinese financial dialogue in Moscow.

Russian Finance Minister Anton Siluanov and his Chinese counterpart Lan Foan jointly held the 10th Russian-Chinese financial dialogue in Moscow on August 19.

"The sides will deepen cooperation within multisided formats, including the UN, the Group of 20, BRICS, the SCO, APEC, as well as international organizations, including FATF, IMF, WB, AIIB and NDB, to hedge risks related to geopolitical and geo-economical fragmentation, consistently promoting economic globalization and supporting stability and uninterrupted global industrial chains and supply chains," the statement reads.

Moreover, the sides will continue expanding financial cooperation inside the G20. The countries also acknowledge the importance of creating more favorable conditions for taxpayers involved in transborder business, as well as providing support for bilateral investment and exchange of technologies and staff between Russia and China, according to the statement.

"The sides take the expansion of the integration as a new jumping-off point for boosting further efforts on economic and financial cooperation between BRICS nations," the statement said.

Strengthening of cooperation in banking

In particular, Russia and China, as the founders and largest shareholders of the New Development Bank (NDB), are ready to continue supporting the financial institution’s expansion, properly address any current issues, implement the bank’s general strategy for 2022-2026 and facilitate infrastructure and sustainable development of member states.

That said, the sides reiterate their support for the Asian Infrastructure Investment Bank (AIIB) and they plan to continue fostering cooperation within the bank for jointly maintaining the principle of multisided relations and preventing politicization of this institution.

Russia and China are also ready to cooperate with other sides to continue consultations on creation of the SCO Development Bank in accordance with the consensus reached by SCO (Shanghai Cooperation Organization) member states’ leaders, according to the statement.