Russian President Vladamir Putin has revealed that the annual turnover from trade between China and his country will reach $200 billion in a few years. He made this comment during a speech at the ongoing St. Petersburg International Economic Forum (SPIEF) on Friday, while both countries pledged to increase their collaboration in diverse fields.

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Vice Premier Zhang Gaoli explained that the expansion of the cooperation between China and Russia will not only benefit these two countries, but will have an impact on the regional and global economy, according to State news agency Xinhua. He said that the cooperation between both nations has already produced "practical results."

China is currently Russia's single largest trading partner. The annual trade between both nations is estimated to be worth over $80 billion.

Zhang also highlighted the need to create "coordination mechanisms" to link the Silk Road Economic Belt and the Eurasia Economic Union Initiatives. He explained that China is actively taking measures to ensure that the country's growth rate remains at a reasonable level.

In the first quarter of the year, China's economy grew by just seven percent.  This is the lowest return the country has recorded in nearly ten years and some experts say the annual return could be the lowest in about 15 years.

Nonetheless, Vice Premier Zhang noted that China's economy made some progress this year and has remained relatively stable. He expressed confidence in the fact that this year the country will be able to achieve its "economic and social development."

On his part, President Putin discussed the need for both nations to create policies that facilitate the free flow of capital. RT quotes the Russian leader explaining that "I've already said in my speech that we have in no way restricted the movement of capital. Even in most difficult conditions, such as in the crisis of 2008-2009 and now, in the past year - we do not limit the expert of capital. But we expect that our partners will act in the same direction in the framework of their own regulation."

Zhang, who announced that China will be hosting the G20 summit in 2016, said the country will contribute to the efforts aimed at promoting the role of the G20 in maintaining the growth and stability of the global financial market, according to People's Daily.  He also revealed that China supports efforts aimed at increasing the role of the developing world in the International Monetary Fund (IMF).

TagsChina-Russia trade, St. Petersburg International Economic Forum (SPIEF), Eurasia Economic Union Initiatives