Infrastructure cooperation with Russia set to be enhanced

China and Russia are exploring options to enhance Chinese investment in big-ticket Russian infrastructure projects, along with steps to provide flexible financial support from lenders in both countries, government officials said.

Ling Ji, director-general of the department of Eurasian affairs at the Ministry of Commerce, said several new areas of cooperation have opened up in Russia as a result of its economic restructuring. Large-scale infrastructure projects, including energy and resource exploration, manufacturing, aviation, nuclear power and shipbuilding, offer the best potential due to their long-term and strategic significance, he said.

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Russia has been contemplating steps to increase foreign investment in the country to boost trade and modernization and to find new business growth points.

Most of these steps are aimed at attracting investment from China and South Korea in programs meant to improve infrastructure facilities.

"Both countries are planning large-scale projects in the infrastructure sector, which marks a new era for bilateral economic cooperation," Ling said.

"The deal will ensure that Chinese investment in large-scale Russian infrastructure projects can be properly supported by the Russian government and various financial institutions," he said.

China's direct investment in Russia maintained fast growth in recent years and increased by 500 percent year-on-year to $4 billion in 2013.

Maxim Shereikin, deputy minister of Russia's Far East Development Ministry, said Russia has established a special economic zone in its Far Eastern region and is looking to step up cooperation with Chinese companies to develop the services, manufacturing and infrastructure sectors.

Shereikin said Chinese investors have mature experiences in building various large-scale infrastructure projects in Africa, South America and the United States.

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