China's Xi Jinping hails ties with Russia

  • China’s friendship with Russia guarantees "strategic balance and peace" in the world according to Chinese leader Xi Jinping.

    Speaking at the Moscow State Institute of International Relations on Saturday, the second day of his trip to Moscow, he described the Russian leader as a "good friend".

    "Strong high-level Chinese-Russian ties not only meet our interests, but serve as an important, reliable guarantee of international strategic balance and peace,” he said.

    Xi, who is on his first official overseas trip as leader, has already met President Vladimir Putin.

    The two nations have also set out to boost bilateral trade.

    On Friday, Russia's state-owned energy firm Rosneft agreed to triple oil supplies to China in exchange for a $2 billion loan.

    The two nations have also signed a preliminary deal for a gas pipeline to be built.

    Russia is one of the world's largest energy producers while China is the world's biggest energy consumer.

    Bilateral trade reached a record $88 billion last year.