Visiting Chinese Vice Premier Wu Yi and her Russian counterpart Alexander Zhukov attended a follow-up session on the achievements of the second China-Russia Business Summit in Moscow Wednesday.

Wu said China is willing to make concerted efforts with Russia to further promote the development of China-Russia economic and trade cooperation in five aspects.

Firstly, to take advantage of the China-Russia chamber of commerce of machinery and electronic products, speed up the optimizing of the trade structure and gradually adjust trade development mode, she said.

Secondly, to deepen bilateral cooperation in border regions, further encourage the enthusiasm of local governments and enhance coordination between revitalizing China's former industrial bases in the northeast and developing Russia's Far East region, she added.

To expedite consultation and the signing of inter-governmental economic and trade cooperation deals in border regions, in order to establish a legal basis for facilitating trade investment in adjacent areas and establishing new types of cooperation modes, such as cross-border processing and logistic support parks, she said.

The second aspect also includes the strengthening of cooperation in preserving and utilizing cross-border water resources and regulating business activities along the border river.

Thirdly, to push the overall level of China-Russia forestry cooperation to a new high by expanding cooperation in lumber intensive processing.

The fourth aspect includes further strengthening cooperation in infrastructure construction by means of investing and contracting.

Finally, to create a more favorable investment environment, expand investment cooperation and substantially improve cooperation level, she said.

Hailing the business summit as a success, Russian Deputy Prime Minister Zhukov said over 2,000 representatives from the industrial and commercial sectors of the two countries participated in the meeting, promoting the information exchange and mutual understanding between the two countries.

During the just-concluded 12th regular prime ministers' talks between China and Russia as well as the business summit, the two sides signed a series of economic and trade cooperation deals, whose overall value has surpassed US$3 billion, Zhukov said.

Another achievement of the meeting was the formal establishment of the Russia-China chamber of commerce of machinery and electronic products, an organization which will play a significant role in optimizing the two countries' trade structures and promoting the trade of electromechanical products, the deputy prime minister said.

Zhukov expressed his hope that the industrial and commercial sectors of the two countries will join hands in pushing the bilateral economic and trade cooperation to a higher level.

(Xinhua News Agency November 8, 2007)