RUSSIA-CHINA BUSINESS COUNCIL TO BE TOOL FOR STRONGER COOPERATION - SBERBANK HEAD

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BEIJING, October 15 (RIA Novosti) - The Russian-Chinese Business Council will become a tool for the strengthening of cooperation between the two countries, Andrei Kazmin, chairman of the board of Sberbanmk (Savings Bank), told RIA Novosti.

The council has gathered for the first sitting in Beijing on Friday.

The founding agreement was signed on results of the talks held between Russian President Vladimir Putin and Chinese President Hu Jintao.

Kazmin said that at its first sitting the council noted a lack of economic information for Russian and Chinese business. "The main goal of the new council will be to ensure immediate access for businessmen in the two countries to information on different projects in them", he said.

"It is no secret that economic disputes often spring up between Russian and Chinese businessmen", Kazmin noted. The council helps to cut the edge off such conflicts.

The Sberbank head said that 13 subcommittees, including banking, have been set up at the council. "Both Chinese and Russian businessmen were very positive on the idea to establish it ", he added.

He recalled that similar institutions of cooperation with other countries, such as the United States, have been formed and are working in Russia.

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