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'A Joint Economic Space on the Continent': Putin Meets China's Xi

© Sputnik / Michael Klimentyev / Go to the mediabankPresident Vladimir Putin meets with Chinese President Xi Jinping
President Vladimir Putin meets with Chinese President Xi Jinping - Sputnik International
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Russia's Vladimir Putin and China's Xi Jinping "achieved a unity of views on a wide range of issues" during their meeting on Friday.

Russian President Vladimir Putin and Chinese President Xi Jinping announced on Friday that the Eurasian Economic Union and the Silk Road projects will be united.

"The coupling of the EEU with the Silk Road is essentially the way to a joint economic space on the continent," Putin said.

Putin said that Moscow welcomes Chinese companies joining oil and gas exploration on the Russian Arctic and Sakhalin shelf.

"We have achieved a unity of views on a wide range of issues," Xi Jinping said.

The Russian Direct Investment Fund (RDIF) and China Construction Bank, one of China's 'big four' banks,  are looking to use a new mechanism of partial credit guarantees to attract $20-25 billion in Chinese investment to Russia over the next 2-3 years, Russian media have reported. - Sputnik International
Russia-China Investment Fund Looking to Raise $25 Bln in New Investment
Russia and China also have multiple mutual projects including the Moscow-Kazan high-speed railway, heavy-lift cargo helicopters and oil exploration.

Putin and Xi also agreed that they are against attempts to rehabilitate Nazism or militarism, as well as historical falsifications.

Energy Deals

Russia's Gazprom and China's National Petroleum Corporation (CNPC) signed a deal on the "Western Route" of natural gas supplies from Russia to China. The 2,700-kilometer pipeline connects Western Siberia to China's Xinjiang region. In China, the pipeline is expected to eventually connect to China's East-West pipeline. The deal is a legally binding part of a future contract.

Russia's electrical grid company Rosseti and China's State Grid Corporation (SGCC) signed a deal to jointly build electrical grids. The project is expected to require $1 billion of investments per year. China's Development Bank is expected to finance the joint venture project, established by a memorandum of understanding in 2014.

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