Russian President Vladimir Putin and visiting Chinese President Xi Jinping spoke at length with the media, after their full day of meetings at the Kremlin yesterday, culminating a three-day state visit. Putin explained that, in addition to his one-on-one meeting with Xi, the two sides had held meetings both in the “limited format” (just a few top policy advisers for each side) and in the “extended format” (with a larger group of officials); signed two joint statements, which Putin characterized as “major conceptual documents"; and held a state dinner.
Putin’s comments to the media were extensive and wide-ranging, but his remarks about economic cooperation (excerpted here) were particularly noteworthy:
“Expanding settlements between our countries in national currencies is a serious incentive for promoting trade and investment cooperation. As of the end of the first three quarters of 2022, the share of the ruble and yuan in mutual commercial transactions reached 65 percent and continues to grow, which allows us to protect mutual trade from the influence of third countries and negative trends on global currency markets.…
“Interaction on peaceful nuclear power is progressing successfully. Russia is helping build nuclear power plants in China: the construction of units 7 and 8 at the Tianwan NPP and units 3 and 4 of the Xudabao NPP is on track, to be completed as scheduled. The implementation of the Long-term Cooperation Program that was signed during the visit by Rosatom and the China Atomic Energy Authority will help strengthen partnerships in this area.
“We attach great importance to the further strengthening of bilateral industrial cooperation… Major joint projects are being implemented in civil aircraft and helicopter production, non-ferrous metallurgy, space exploration, biotechnology and pharmaceuticals, as well as other science-intensive areas….
