China's Xi seeks to boost investment, expand economic ties with Russia

China's President Xi Jinping on Tuesday sought to expand mutual investment with Russia and affirmed Beijing's commitment to advance ties despite "turbulent" external conditions, Chinese state media reported.

Xi met Russian Prime Minister Mikhail Mishustin in Beijing at the Great Hall of the People, a day after Chinese Premier Li Qiang held a meeting with Mishustin in Hangzhou, where Li said China wanted to strengthen cooperation with Russia and defend shared security interests.

The Kremlin has highlighted the significance of Mishustin's visit at a time when Russia is under major Western sanctions over its war in Ukraine and looking to stem a recent slowdown in trade with China.

"China-Russia relations have stayed the course toward higher-level and higher-quality development, advancing steadily despite a turbulent external environment," Xi told Mishustin, according to state broadcaster CCTV.

"Safeguarding, consolidating and developing China-Russia relations is a strategic choice for both sides," Xi said.

He highlighted industries such as energy, agriculture, aerospace, digital economy and green development where the two countries could advance cooperation and foster new engines of growth.

Mishustin said it was important for both sides to continue creating favourable conditions for attracting mutual investment and supporting joint projects, according to Russia's TASS news agency.

Xi and Russian President Vladimir Putin signed a "no-limits" partnership in February 2022 days before Putin sent tens of thousands of troops into Ukraine.

Since then, Russia has turned to China to blunt the impact of sanctions, highlighting record trade, increased settlements in yuan and deepening energy cooperation.

Bilateral commerce has, however, declined in recent months as China faces mounting U.S. pressure over trade and technology.

Chinese state oil majors suspended purchases of seaborne Russian oil following U.S. sanctions on Rosneft and Lukoil, Moscow's two biggest oil companies, Reuters reported last month.

In a joint communique published on the Russian government website on Tuesday, both countries agreed to "strengthen cooperation in all spheres and respond appropriately to external challenges."

Russia also reaffirmed its adherence to the "one-China" principle and opposition to "Taiwan independence".

China regards democratically-ruled Taiwan as part of its territory. Taiwan's government rejects Beijing's claim and says only the island's people can decide their future.