Transcript of the beginning of the meeting:

Vladimir Putin: Mr President, allow me to extend the most heartfelt greetings to you here in Moscow.

Your visit to Russia is proceeding very successfully. You have just attended two major events in Yekaterinburg, the BRIC and SCO summits. I gave great attention to your speech at the SCO meeting. And I would like to note the constructive nature of China's proposals for cooperation in the development of infrastructure and joint efforts in the financial field.

In this context I would like to point out that despite the global financial and economic crisis, the current economic and political climate has not affected relations between our countries. Our trade - which reached almost $56 billion last year - is developing as effectively as our investment cooperation. Our Governments are also busy - both through inter-governmental dialogue and in separate areas. So you will have your work cut out for you in Moscow.

And above all else, I am pleased to see an old friend here.

Hu Jintao (as translated): Mr Prime Minister, I am very glad of the opportunity to visit Russia again and to meet with you. First of all, I would like to pass on sincere greetings to you from our Prime Minister, Mr Wen Jiabao. Over the past years, you, Mr Prime Minister, have made an important contribution as our great friend to the development of Chinese-Russian partnership and strategic cooperation.

Close and friendly relations exist between us. As you justly said, the SCO and BRIC summits were a great success. As presiding authority of these two key events the Russian side has put a great deal of effort into their preparation. We highly value the work you have done.

This year is marking the 60th anniversary of establishing diplomatic relations between China and Russia. And this year will be particularly important in the development of relations between our two states.

In the current year, at a new historical stage, our relations are quickly picking up speed. Amidst the global financial crisis, we maintain very close contacts at the high and top levels and are rapidly building up cooperation in all branches.

We have launched all-round coordination of efforts in the oil sector, reaching a key frontier and making an important breakthrough in energy cooperation.

The Year of the Russian Language is progressing successfully in China, opening up a new page in our humanitarian cooperation.

On major international issues and in regional affairs, we pursue highly effective strategic coordination. That allows us to combine efforts and make a worthy contribution to the promotion of peace and stability throughout the world.

Mr Prime Minister, in the context of sophisticated processes going on in the world, a further strengthening of Chinese-Russian strategic coordination of efforts and promotion of our practical cooperation in all areas are particularly important. The Chinese side will, as before, regard its relations with Russia as a priority in its foreign policy.

It is my profound belief that due to our joint efforts, Chinese-Russian partnership and strategic cooperation will get a qualitative boost.

I have warm memories of our meeting last August in Beijing during the Olympic Games. I also look forward to your coming visit to China in October.

Vladimir Putin: Thank you. I think we could continue our conversation over a cup of tea. It is my pleasure to invite you for breakfast.