Business, Economics and Jobs

China and Russia sign deals worth $15 billion


Russia's Foreign Minister Sergei Lavrov (R) hugs his Chinese counterpart Yang Jiechi (L) in Moscow, on April 13, 2012.


Kirill Kudryavtsev

China and Russia have signed a raft of contracts worth $15 billion, according to the Associated Press

Chinese Vice Premier Li Keqiang, speaking at a trade and investment forum in Moscow today, said officials had signed a number of agreements related to "transport, energy, communications, high technology and investment projects," said AP

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The 27 contracts signal a major boost in investment for the two powerful world economies, according to The Wall Street Journal

A deal to sell Russian natural gas to China harkens back to a 2006 agreement in which Gazprom, Russia's largest energy company, promised to supply the fuel via two pipelines. But the gas flow never began due to disagreements over pricing, and Sunday's deal also did not have "the crucial mechanisms needed for the actual trade to start," The New York Times wrote

The paper noted that Xinhua, China's state news agency, gave "few" details on the agreements and plans. 

Trade between China and Russia has increased by over 40% last year, reported WSJ, totalling some $12.6 billion in 2011. 

Li said one of their joint projects is the develpment of a long-distance passenger plane, said AP