Conf on RF-PRC bank and invstmnt coop underway in Beijing

BEIJING, May 16 (Itar-Tass) -- To implement the Chinese-Russian
intergovernmental agreements on mutual payments in national currencies, it
is necessary to set up a corresponding mechanism, trade representative of
Russia in China Sergei Tsyplakov said on Monday at a conference on bank
and investment cooperation between Russia and China which is underway at
the Russian Cultural Centre here.
"This document is to a greater degree of a political importance. To
speed up its implementation in practice, it is necessary to set up a
corresponding mechanism," he said.
The point at issue is the protocol on introducing amendments in the
agreement between the governments of Russia and China on trade and
economic relations as of March 5, 1992 which makes it possible to expand
the use of yuan and rouble in mutual payments in bilateral trade equally
with foreign exchange currencies. The given document was signed on the
results of talks between the two countries' prime ministers.
Speaking about Russian-Chinese trade and economic cooperation, Sergei
Tsyplakov pointed to the fact that the world financial crisis had
negatively affected its development. As a result, as he said, trade
turnover seriously reduced, however, in 2010 we managed to resume the
volume of trade which existed before the crisis. According to Sergei
Tsyplakov, over four months of the current year, the rate of growth of
bilateral trade reached 34 percent.
As for investment and financial cooperation of the two countries,
according to him, "stable growth is recorded here, there is a certain
progress in a number of directions." At the same time, as Tsyplakov
stressed, "there is space for developing such cooperation."