Russian President Vladimir Putin meets China's leader Xi Jinping. Photo: AFP

Russia and China signed a number of significant deals for economic cooperation during a state visit to Moscow from Xi Jinping last week, reports the Asset.

The deals included an MOU to create China-Russia RMB Investment Cooperation Fund signed by the Russian Direct Investment Fund (RDIF) and China Development Bank. The fund will facilitate the establishment of framework for direct investments, totaling US$10 billion, with settlements in national currencies.

The project will be implemented through the Russia-China Investment Fund (RCIF), jointly created by the RDIF and the China Investment Corporation.

RCIF also agreed to cooperate on joint projects in Russia and China’s Hainan province, and other investments in support of the Belt and Road initiative.

“Hainan Province stands as a significant portal of the Maritime Silk Road, which is part of the Belt and Road initiative, and RCIF is committed to enhancing bilateral investment and trade between China and Russia,” said Bing Hu, co-CEO and president of RCIF.

Other deals signed during Xi’s visit include commitments from China Development Bank, China National Petroleum Corporation, the Silk Road Fund, China Investment Corporation, the Russia Direct Investment Fund, and from the Russia-China Investment Fund.