Transcript of the opening of the meeting:

Wen Jiabao: Ladies and gentlemen,

I am delighted to meet you together with Mr Prime Minister Vladimir Putin.

As far as I know, the Russian-Chinese Economic Forum was great success. The parties not merely exchanged detailed opinions on bilateral partnership but also signed a sizeable package. Congratulations.

I attended such forums twice. Pity I was too busy to appear at this one. Now, I am using the opportunity to exchange opinions with you and, what matters even more, hear you out. But first of all, I give the floor to Mr Putin.

Vladimir Putin: Esteemed Mr Wen,

Ladies and gentlemen,

I am glad to greet representatives of our countries' business communities who have taken part in the 4^th Russian-Chinese Economic Forum.

The dialogue of leading Russian and Chinese businessmen has earned good reputation. It discusses ideas and initiatives, helps to seek new ways to enhance the efficiency of Russian-Chinese trade and economic partnership, and broadens direct entrepreneurial contacts. Today's forum was also fruitful, I am sure.

As far as I know, contracts to a total exceeding $3 billion were signed even at its start today.

This is of especial importance now that the global economy is getting through hard times, groping for the route of post-crisis development. No doubt, confidence building in the business community, new joint investment ventures, trade and cooperated production are of great importance for economic revival.

Established authorities, captains of Russian and Chinese business are here today. How soon we manage to overcome the aftermath of the global financial and economic crisis largely depends on you-on your commercial audacity, stamina and responsibility. This also concerns bilateral trade and economic cooperation, which is certainly not immune to the impact of global problems.

Trade will drop somewhat, as I have just said to a news conference. It grew by 39% in 2008 to approach $56 billion but started dropping in November 2008, when the global crisis began to be felt. Russian-Chinese trade shrank by more than 30% in the first seven months of 2009. I think it will come back into its own by the end of the year but still, the shrinkage will remain sizeable.

We need to reverse these trends and resume progress. Even now, trade is undergoing a certain structural improvement, and the amount of Russian high-tech commodities is growing, however slightly.

Even during a crisis, Russia and China are able to find reserves for closer economic partnership and ambitious projects. This gives grounds for optimism.

I mean, first of all, our energy partnership. We have made agreements to build an oil pipeline from Skovorodino to the Chinese border, and a major credit agreement. The pipeline, which involves ambitious investments, will be ready quite soon.

Nuclear energy projects are making headway. Unit One of the Tianwan plant is ready, and I am grateful to Mr Wen for the announcement he has made today that the Chinese Government has made a final decision for Russian partners to build Unit Two also.

Evident progress in these sectors is of pivotal importance.

Though China is a major market for Russian raw materials, we do not intend to give up trade diversification and the improvement of its structure-which mainly concerns Russian exports. We will place the emphasis on engineering and other high-tech commodities, and step up mutual investments.

New agreements on such investments are essential. Our Chinese partners have stocked up major finances, and we are interested in attracting this money to the Russian economy-in particular, Siberian and Far Eastern projects. There are no limitations here. We will welcome investment in high-level timber and seafood processing, agriculture, construction, and the infrastructure.

Russian companies, in their turn, can cooperate with Chinese ones in oil and gas procession, steel industry, communications and high technologies.

We will lend all-round support to pilot projects I have mentioned, and promote their rapid implementation. Such advanced spheres of partnership as space exploration, aviation and military-oriented high technologies go without saying.

Small and medium business partnership also has fine prospects as ever new interregional contacts start. Trans-frontier cooperation is developing apace. More than a hundred relevant agreements have been signed recently, and more than 70 Russian regions have direct links with Chinese provinces.

On the whole, we expect Russian and Chinese business circles-including the participants of this meeting-to continue close partnership.

There is a good proverb in China: "You cannot clap with one hand," and I am sure our close partnership, and pooling together resources and competitive advantages will benefit China and Russia alike.

Thank you.