More than $50 billion worth of joint investments were agreed upon by China and Russia during Russian President Vladimir Putin's state visit to Beijing last Saturday.

"Fifty-eight various business initiatives with the total volume of investments being $50 billion have been selected," said Putin, who is on a three-day official visit to China.

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Putin and President Xi Jinping are set to sign 50 cooperation documents and economic agreements in the coming days.

Trade relations

The Russian president was accompanied by his top economic officials and company executives during his visit.

President Xi has expressed optimism regarding its trade relations with its ally, saying China-Russia ties have never been stronger.

"The relevant departments and firms of both countries signed a large batch of agreements. This visit of President Putin has produced bountiful results," said Chinese President Xi after the meeting with Putin.

China-Russia strategic partnership

Xi emphasized that Putin's visit has brought  "new propulsion and vitality in the overall strategic partnership of China and Russia."

Several economic deals amounting to billions of dollars have been secured by both countries. One of the projects is a large aviation project that could surpass rivals like Airbus and Boeing.

Beijing and Moscow agreed to build wide-bodied and longer aircraft that could carry up to 300 passengers.

The cooperation agreements also included energy deals and selling stakes in several Russian business initiatives to Chinese companies.

Putin expressed his deep appreciation over his "fruitful" visit, saying Moscow and Beijing have always been in agreement with their "meaningful work that always ends with a result. " 

TagsRussian President Vladimir Putin, Chinese President Xi jinping, cooperation agreements, China-Russia ties, joint investments, china