China and Russia deepen ties over political and economic support
China and Russia strengthened their strategic partnership of co-ordination on Saturday in Beijing, agreeing to increase mutual support and enhance political and strategic mutual trust. Among the discussions were energy deals that will put Russian oil producers and Chinese national chemical companies into business together. Russia's top oil producer, Rosneft, agreed with ChemChina that the Chinese firm would take a 40% stake in Rosneft's planned petrochemical complex, VNHK, based in Russia's Far East. In turn, Rosneft will supply 2.4 million tonnes of crude oil to ChemChina between 1 August 2016 and 31 July 2017.

Russia's President Vladimir Putin (L) shakes hands with his Chinese counterpart Xi Jinping during the Asia Pacific Economic Cooperation (APEC) forum Kim Kyung-Hoon/Reuters

Chinese President Xi Jinping and his Russian counterpart Vladimir Putin vowed to unswervingly deepen their strategic partnership of coordination during their talks Saturday afternoon in Beijing.

The two heads of state agreed to beef up mutual support and enhance political and strategic mutual trust.

Hailing the role of close high-level contact in advancing bilateral ties and promoting regional and global development, Xi said the establishment of strategic partnership of coordination 20 years ago demonstrated the strategic nature of bilateral ties.

This year marks the 15th anniversary of the signing of the China-Russia good-neighborly treaty of friendship and cooperation, which Xi said affirmed the two countries' friendship from generation to generation.

He called for more political mutual support between the two countries.

The two countries should support each other on issues concerning each others' core interests and constantly strengthen political and strategic mutual trust, Xi said.

Noting that both China and Russia are major economies and emerging markets, he said the two countries should deepen pragmatic cooperation and alignment of interests, and push for the dovetailing of the Belt and Road Initiative and the Eurasian Economic Union (EEU) for broader regional economic cooperation.

Xi also called on the two countries to carry out closer coordination on major international and regional hot spot issues, so as to jointly safeguard security of the neighborhood.

As strategic coordination partner, Russia stands ready to extend mutual support and understanding on issues concerning each others' core interests and major concerns, Putin said.

He called for more cooperation in trade, energy, high technology, security and people-to-people exchanges, as well as synergizing the EEU and the Belt and Road Initiative.

Russia and China share similar positions in international affairs, and it is necessary for them to maintain close communication and coordination, Putin said.

The two heads of state signed a bilateral joint statement, a joint statement on strengthening global strategic stability and another on promoting the development of information and cyber space after their talks.

Putin is currently on a state visit to China. This is his fourth trip to China since Chinese President Xi Jinping took office in 2013.