Russia and China to form US$1 bln industrial investment fund

Friday, 2018-06-08 21:53:19
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Chinese President Xi Jinping and Russian President Vladimir Putin attend a welcome ceremony outside the Great Hall of the People in Beijing, China June 8, 2018. (Photo: Reuters)
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The Russia-China Investment Fund (RCIF) and China Chengtong Holdings Group have agreed to establish a joint US$1 billion industrial investment fund, RCIF said on June 6.

The agreement, signed during Russian President Vladimir Putin's visit to Beijing, envisages investments in various sectors with a focus on the development of industrial, transport and tourism infrastructure in Russia.

Putin is on a state visit to China, and he will also attend the 18th Shanghai Cooperation Organization (SCO) summit in the eastern Chinese coastal city of Qingdao on June 9-10.

During their talks on June 8 in Beijing, President Xi Jinping and his Russian counterpart Vladimir Putin agreed to promote greater development of China-Russia relations at a high level.

The two leaders agreed that China and Russia should adhere to the concept of everlasting friendship and the spirit of strategic coordination, and expand and deepen cooperation in all areas.

Reuters, Xinhua