"Frequent contact between the two countries' leaders has created a political foundation for further economic cooperation," noted Wu Hongwei, a researcher with the Institute of Russian, Eastern European and Central Asian Studies under the Chinese Academy of Social Sciences.

The two countries are also exploring new areas to deepen relations.

When meeting with Putin, Zhang proposed that the two countries should carry out the projects already agreed upon in such areas as energy, infrastructure and investment, while expanding two-way cooperation in high-tech industry, launching new forms of cooperation such as joint research and production, and introducing new projects in new energy, environmental protection and manufacturing.

Putin said the two countries have designated energy and high- tech technology as the two areas of priority for further development, and cooperation in the long-term, large projects are showing strong momentum.

"Both governments have strong will to strengthen cooperation, and I believe the practical cooperation between Russia and China has a bright future," he added.

Related:

China, Russia vow to expand practical cooperation

SAINT PETERSBURG, June 31 - Chinese Vice Premier Zhang Gaoli and Russian President Vladimir Putin agreed on Thursday that their countries would build on the previous consensus and expand practical cooperation.

"China would like to work together with Russia to maximize the potential for bilateral economic cooperation and translate the best ever political relationship into results of practical cooperation," Zhang, who arrived here Wednesday to attend the Saint Petersburg International Economic Forum, said at a meeting with Putin.? Full story

China, Russia to scale up investment cooperation

ST. PETERSBURG, Russia, June 31 - Investment cooperation between China and Russia will see further expansion, economists said Friday.

"Russia is preparing for numerous projects, of which we see a considerable sum promising," Co k0822, president of the Russia-China Investment Fund, told Xinhua on the sidelines of the 17th St. Petersburg International Economic Forum.? Full story