China, Russia pave even stronger ‘financial track’ with a new deal enhancing trade vitality

Russian Prime Minister Mikhail Mishustin is back in China – his second visit of the year, and it comes just two months after President Vladimir Putin’s Beijing trip

Latest deal comes with China-Russia trade on track to reach a record US$230 billion this year as geopolitical strife strengthens their bilateral bond

Reading Time:2 minutes

Chinese Vice-Premier He Lifeng co-chairs the 27th session of the committee for regular meetings between Chinese and Russian heads of government, together with Russian Deputy Prime Minister Dmitry Chernyshenko in Beijing on Monday. Photo: Xinhua

Published: 4:03pm, 19 Dec 2023Updated: 4:08pm, 19 Dec 2023

China and Russia have signed audit and supervision deals to facilitate bilateral capital flows and bond issuance, in a prelude to a two-day annual leader’s meeting to discuss bilateral cooperation against the backdrop of American sanctions.

On Monday, the neighbours signed a memorandum of understanding on aligning the process of audit monitoring while sharing more experience in public finance, taxing and budgeting, according to China’s Ministry of Finance.

Chinese Premier Li Qiang was scheduled to meet with his Russian counterpart, Prime Minister Mikhail Mishustin, on Tuesday and Wednesday in Beijing. It is Mishustin’s second visit to China this year, following one in May. And it came only two months after Russian President Vladimir Putin participated in a belt and road summit in Beijing.

As part of China and Russia’s “no-limits” strategic partnership, Li and Mishustin were set to “exchange views on bilateral relations, pragmatic cooperation and mutual concerns”, according to a statement by China’s foreign ministry.

At Monday’s signing, Chinese finance minister Lan Foan talked with his Russian counterpart, Anton Siluanov, about tapping into the cross-border financial potential between their countries.