China, Russia sign US$3.5 bln deals

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Trade deals worth 3.5 billion US dollars have been signed after the meeting between Chinese Premier Wen Jiabao and his Russian counterpart Vladimir Putin in Beijing. The two premiers exchanged views on bilateral ties and issues of common concern.

After the talks, the two sides signed 11 documents on cooperation in areas including gas, space-flight and railways. In a preliminary agreement between Russian gas giant, Gazprom, and China's CNPC, Russia could potentially supply about 70 billion cubic meters of gas each year to China. It's the biggest bilateral trade agreement ever signed between the two countries.

A major high-speed railway using China's domestically developed technology could also greatly reduce travel time in Russia's far eastern regions. Besides the premieres' meeting, the two sides signed another cooperation agreement over 4 billion yuan on Tuesday.