CCTV9英语新闻：Financial cooperation accelerates to new level between China and Russia

As the Sino-Russian strategic partnership continues to flourish, the two countries have also strengthened cooperation in financial areas. The latest agreements signed during President Xi Jinping's visit to Moscow have a lot to do with that.

 

"Payments in domestic currencies will provide much convenience to cross-border traders. And as far as I know, other areas have also chosen domestic currencies for payments," said Garegin Tosunyan, president of Association of Russian Banks.

 

A deepened strategic partnership in all areas between China and Russia will provide more opportunities for regional cooperation.

 

The integration between China's One Belt and One Road and the Eurasian Economic Union will give impetus to bilateral projects in such areas as energy, railways and aviation. Russia's infrastructure construction will embrace a new era of development with the solid support of financial institutions such as the Silk Road Fund, and the Asian Infrastructure Investment Bank.

 

"China is focusing on the construction of infrastructure, planning to build a way to Europe, from Chinese coastal cities to Hamburg in Germany. If the road can cross Russia, that will be good for both parts," Garegin Tosunyan said.

 

To facilitate the major projects, as early as in 2011, the China Investment Corporation and Russian Direct Investment Fund have established the Russia-China Investment Fund with a capital of 2 billion US dollars.

 

The equity fund has already financed projects involving railway construction, retail and tourism