On 25 June this year, Russia and China issued a joint statement pledging to expand and deepen cooperation on all fronts. The statement coincided with an official visit to Beijing by Vladimir Putin, the Russian president, and was made in line with the goals previously stipulated in the China-Russia Treaty of Good-Neighbourliness and Friendly Cooperation. According to the statement, action will be taken to grow the level of bilateral trade between the two countries to US$200 billion by the year 2020, while the development of two-way investment will also be prioritised. Both parties will also look to enhance their cooperation with regard to the development of oil, gas, coal, electric power, renewable energy and energy equipment resources. Furthermore, steps will also be taken to explore new technologies and innovative ways of working together in a bid to enhance all-round cooperation. The two countries will also prioritise implementing their prior agreement on working closely together to establish both the Silk Road Economic Belt and the Eurasian Economic Union as stipulated in a joint statement released on 8 May 2015.

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