China and Russia signed more than 30 agreements, mostly on future economic areas such as in production capacity and equipment manufacturing, at the 20th China-Russia Prime Ministers' Regular Meeting in Beijing on Thursday.

Chinese Premier Li Keqiang and Russian Prime Minister Dmitri Medvedeb chaired the annual meeting between China and Moscow, with the goal of enhancing and improving trade and diplomatic relations between the two nations.

Like Us on Facebook

In a joint statement, the two leaders said that improving and reinforcing the relationship two nations is a topmost priority and that the two sides will strengthen cooperation and serve the interests of their respective peoples.

Li reportedly said the meeting was fruitful with the two countries pledging to maintain regional and world peace and stability.

Although the total value of the deals was not revealed, the more than 30 deals inked by the two countries covered a whole range of economic fields such as investment, finance. energy, customs, high-technology and education and tourism.

One of the more than 30 deals that were signed is an agreement between the China's Silk Road Fund and the Russian natural gas giant Novatek. Both are seeking transfer of shares and with the fund offering a 15 year loan of 730 million euros or $792 million.

Premier Li, during the meeting, underscored the need to have a two-way investment between the two nations as well as the effective implementation of the cooperation programs entered into by China and Russia.

Li suggested that the "Made in China 2025"  strategy would join Russia's recent innovation move and promote cooperation in technology and innovation.

Xing Guangcheng, a senior expert in Russian studies at the Chinese Academy of Social Sciences, said the two countries should focus on high technology, civil aviation, environmental protection and energy saving - where both nations have worked well in the past.

Xing said China and Russia should not be totally focused on the resources and the energy sectors.

Li expressed optimism about the "enormous potential for cooperation'' with its deals with Russia,

In a press conference that followed after the meeting, Li announced that the two countries will have to adjust their economic structures to give way to the implementation of the more than 30 agreements.

TagsChina-Russia Prime Ministers' Regular Meeting, Russian Prime Minister Dmitri Medvedeb, trade relations, diplomatic relations, China Silk Road, Novatek, technology and innovation sectors, Made in China 2025, Chinese Academy of Social Sciences