Chinese Vice Premier Zhang Gaoli and Russian President Vladimir Putin agreed on Thursday that their countries would build on the previous consensus and expand practical cooperation.

"China would like to work together with Russia to maximize the potential for bilateral economic cooperation and translate the best ever political relationship into results of practical cooperation," Zhang, who arrived Wednesday to attend the Saint Petersburg International Economic Forum, said at a meeting with Putin.

He noted that a series of bilateral agreements and consensus were reached when Chinese President Xi Jinping paid a state visit to Russia in March, which opened a new chapter for the development of bilateral ties.

While carrying out the already agreed projects in such areas as energy, infrastructure and investment, the two countries should expand their cooperation in high-tech industry, launch new forms of cooperation like joint research and joint production, and introduce new projects in new energy, environmental protection and manufacturing, Zhang said.

Putin said the two countries have identified energy and high-tech industries as the two priority areas for further development, and cooperation in the long-term large projects are showing strong momentum.

"Both governments have strong will to strengthen cooperation, and I believe the practical cooperation between Russia and China has a bright future," Putin said.

Zhang is due to take the podium on Friday at the Saint Petersburg International Economic Forum, an annual gathering of world political and business elites similar to the World Economic Forum in the Swiss ski resort of Davos.

The forum, which lasts from Thursday to Saturday, will provide a unique platform for global leaders to engage with their peers in finding solutions to the most pressing issues affecting the world today, including political challenges, the fragility of the global economic recovery, the economic and social fractures emanating from the crisis, the importance of capitalizing on new emerging opportunities and the ongoing shifting power equations, according to its official website.

Zhang will deliver a key-note speech at a plenary session on the world economic and financial situations as well as the economic transformation in China.

He said that the forum, held against the backdrop of a fragile global economic recovery, will be an important platform for discussions on how to promote a stable growth of world economy and for strengthening China-Russia cooperation.

Earlier Thursday, Zhang also met with Russian First Deputy Prime Minister Igor Shuvalov and Deputy Prime Minister Arkady Dvorkovich, who co-chairs the China-Russia energy cooperation committee, on how to implement the consensus and decisions reached at the March summit between Xi and Putin, and to deepen bilateral practical cooperation.

(Xinhua News Agency June 20, 2013)