"The sides intend to take new steps to increase the level and expansion of spheres of Russian-Chinese practical cooperation, in particular to establish close cooperation in the financial sphere, including an increase in direct payments in the Russian and Chinese national currencies in trade, investments and loan services," the statement said.

The two countries are also set to deepen dialogue on macroeconomic policy issues, as well as boost growth in mutual investment, including in transportation infrastructure, the development of mineral deposits, and the construction of budget housing within Russia.

Russian President Vladimir Putin arrived in China on Tuesday for high-level talks with President of the Peoples Republic of China Xi Jinping.