By Pavel Medvedev, a business consultant based in Beijing and China-Russia relations expert

The upcoming G20 Huangzhou Summit, scheduled for Sept. 4-5, would focus on "Building an innovative, invigorated, interconnected and inclusive world economy," which would require more effective management of G20-members' economic and political relations network and closer than ever country-to-country dialogue.

You can expect to see a dialogue between China and Russia – two important pillars of the 21st Century world order that are major contributors to a world moving away from single-polarity and towards an inclusive world economy.

Are new topics expected in Russia-China dialogue during G20 Summit?

The Russia-China dialogue will continue on within an existing cooperation framework that has proven to be effective for both countries: it helps Russia overcome an economic slump and ensures that China has Moscow's support in the international arena. This discussion is not expected to focus on new topics, but will rather concentrate on deeper integration of initiatives already in place. Key topics on agenda shall include:

1.Cooperation on key Russia-China industry-specific projects, like those in the oil and gas sector, as well as projects related to the China Silk Road and Russian Far East Development initiatives, which expected to further support development of infrastructure, construction, real estate, machinery, logistics industries, as well as cooperation in financial sector.

2.During the last two years, leaders of both nations have signed agreements on a number of cooperation targets. While we see some huge investments are tied up to "strategic cooperation" initiatives, the next step would be to make important investment decisions based on pure economic principles, which will widen horizons for more projects in new industries. This trend is already in place showing steady progress in the last two years and will be focused again during the G20. Particular topics shall be "rule of law", tax and legal support of investments and investments protection mechanisms.

3.State enterprise privatization is a sign on economic liberalization and may be particularly beneficial for Russia now. In two words, "why" is because a huge enterprise originally managed by people with political background may lack competitiveness on modern free-flowing market. Thus allowing private investors in enterprise management enhances growth and revenues, and since some potential investors are Chinese companies, it also demonstrates a high level of trust for China.

4.Russia and China law differently interpret certain legislative concepts, like Private Public Partnership (PPP) or concession agreements (being a form of state-to-business guarantee mechanism in investment projects), that are crucial in implementation of joint projects of the two countries. This leads to situations when the same terms of a contract, even though clearly defined, still interpreted by each party without consideration of fact that in China and Russia relevant concept may work differently and has different industrial practices. As questions of state guarantees shall be on the agenda during Russia-China discussions within G20, any movements in regulation of this mechanism may render positive effect on implementation of existing and new China-Russia projects.

Russia-China relations after G20 Summit

The Russia-China dialogue in the G20 could be characterized as a "staged development with short-term positive movements." Many initiatives will be under discussion and despite potential bottlenecks we can anticipate a very productive dialogue and new steps towards a more "economically justified cooperation" as the emerging path of China-Russia relations in the years ahead.

( The opinions expressed here do not necessarily reflect the opinions of Panview or CCTV.com. )

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