Earlier, China’s Vice Prime Minister Wang Yang said he is backing Russian President Vladimir Putin’s drive for new sources of growth.
Moscow’s plans to develop the run-down region coincide with Beijing’s "One Belt, One Road" strategy, he added.
According to Xinhua, the development of the Far East region would create opportunities for cooperation between the two countries and is expected to set "new horizons in mutual cooperation between the two."
Recently, Putin visited Beijing for a military parade commemorating the 70th anniversary of the end of World War II. The visit came amid a decline China’s economic growth following a tumble in country’s stock market.
The economic downturn raised serious concerns about future economic cooperation between Moscow and Beijing and a possible reduction in China’s demand for Russian energy.
However, the recent Eastern Economic Forum (EEF) in Vladivostok and Putin’s visit proved that both countries are boosting their cooperation.
The Far East, Russia’s largest region, is verify with rich natural resources; minerals, forests, fishing etc.
In recent years, economic growth in the region has reached five percent, and industrial growth has exceeded four percent despite Russia’s current economic difficulties due to cheaper oil and Western sanctions.
In the Far East, China and Russia will cooperate in various fields such as resources development, processing and manufacturing, and agriculture, according to Wang.
The initiative also involves the creation of infrastructure facilities in the region to link its development with China’s "One Belt, One Road" push.
