Vladimir Putin Meets Xi Jinping: Advance The Future
May 21, 2014 • 10:33AM

Presidents Vladimir Putin and Xi Jinping met on Tuesday, laying out extensive plans for the immediate and future collaboration of the two great Eurasian nations, making a stark contrast to the content of all such discussions among the trans-Atlantic nations' leaders, which inevitably focus on the self-destruction of their physical economies in order to save the bankrupt financial system.

Although continuing disagreements on setting the price for the planned Russian natural gas deliveries to China has further postponed the signing of the expected 30-year deal, the two leaders vowed to beef up cooperation in a wide range of fields, including finance, trade, energy, and transportation infrastructure, according to the Xinhua account. Speaking at the joint press conference, Putin seemed confident that the two sides were coming close to an agreement on the pricing.

Putin is in China for the 4th summit of the Conference on Interaction and Confidence Building Measures in Asia in Shanghai, which will take place on May 21, and a state visit Tuesday, at the invitation of President Xi Jinping. According to a joint statement, the two countries will expand local currency settlement for bilateral trade, cross-border investment and financing, and will strengthen exchanges for the formulation of macro-economic policies. The two pledged to increase bilateral trade to $100 billion by 2015 and $200 billion by 2020 from nearly $90 billion last year. The two will work to ensure balanced trade, optimize trade structure, and expand mutual investment in fields like transportation infrastructure, mining development, and housing projects in Russia, said the statement.

The two sides vowed to deepen cooperation in the petroleum industry, kick-start Russia's supply of natural gas to China as soon as possible, and jointly develop coal mines in Russia. They will consider jointly building power plants in Russia to increase power supply to China, and strengthen cooperation in major projects in the peaceful use of nuclear energy, civil aviation, research on basic aerospace technologies, satellite navigation, and manned space flight.

They pledged to speed up the construction of cross-border transportation infrastructure, including bridges on cross-border rivers, and Russia will facilitate China's goods shipment using its railway networks, ports, and through the Northern Sea route. They pledged constructive cooperation in the use and protection of water resources in cross-border rivers, as well as in the establishment of cross-border nature reserves to protect biodiversity. [ron, mob]