China and Russia plan to extend their strategic partnership in finance, aviation and space as well as improve trade and economic cooperation, said Chinese Vice Foreign Minister Cheng Guoping.
"It is essential to improve practical cooperation, as both sides will be increasing and expanding trade, and innovation," Cheng said during a news conference in Beijing as quoted by Rossiya Segodnya.
Trade between the two countries was worth $95.3 billion in 2014. China and Russia expect it to reach $200 billion by 2020.
The two countries will continue to expand cooperation in aviation, space and nuclear energy; he said adding that China will actively cooperate with Russia in finance to seek new forms of interaction.
"We believe that our potential and capacity are far from exhausted," Cheng said.
Moscow and Beijing have been boosting cooperation in various fields, including the energy sector in which the countries signed a huge $400 billion gas deal.
READ MORE: Russia and China seal historic $400bn gas deal
Most recently, the two countries decided to create a joint rating agency that’ll counter balance the existing Western ‘Big Three’ of S&P, Moody’s and Fitch.
READ MORE: China and Russia to launch new credit rating agency in 2015
The decision to switch to local currencies in trading settlements is a major move towards reducing dependence on the US dollar and creating an alternative within the global financial system.
In May 2014 Russia and China announced a joint project for a long-range aircraft worth $13 billion. The jet is expected to occupy a large market share both in Russia and China challenging Boeing and Airbus.
In February Russia and China agreed to cooperate on satellite navigation. The two countries along with their BRICS partner India are expected to discuss the creation of a joint orbiting station at the BRICS summit in Ufa in April, according to experts from Russian Military Industrial Commission.