Even in 2008, when the financial crisis hit the world economy, their trade volume remained as high as $56.83 billion, up 18 percent year on year.

The two sides now carry out cooperation in the fields of energy, telecommunications, finance, and military and space technology. China has, in fact, become Russia's second largest trade partner, and Russia ranks ninth among China's foreign trade partners.

China and Russia are both emerging economies. Promoting bilateral economic cooperation and realizing respective economic goals are major driving forces and also serve as a strategic foundation for the sustainable development of their bilateral relations.

There are broad prospects for economic cooperation between China and Russia in the future. Cross-border petroleum pipeline and railway projects are already officially on the agenda. In hi-tech areas including aviation, space and nuclear energy, cooperation channels will further expand with their enhanced cooperation in nanotechnology as a hallmark.

Meanwhile, there is also large potential for cooperation in regional and international affairs. Due to the global financial crisis, the world's balance of power has changed. Western countries are losing their dominant power in globalization.

Against this backdrop, China and Russia should maintain close cooperation in the arenas of international and regional affairs, while dealing with the financial crisis and global challenges with joint efforts, and work closely together to build new international political and economic orders.

The author is a research fellow with the China Institutes of Contemporary International Relations

Milestones

October 2, 1949: The Soviet Union forged diplomatic relations with China, becoming the first country to do so.

February 14, 1950: China and the Soviet Union signed the Sino-Soviet Treaty of Friendship, Alliance and Mutual Assistance.

May 1989: Soviet leader Mikhail Gorbachev paid a groundbreaking visit to China after three decades of confrontations between the two countries.

December 1992: China and Russia issued the Joint Statement on the Basis of Mutual Relations, recognizing each other as friendly countries.

September 1994: China and Russia announced plans to establish a constructive partnership.

April 1996: China and Russia decided to establish a strategic partnership of cooperation.

July 2001: China and Russia signed the Treaty of Good Neighborliness and Friendly Cooperation.

October 14, 2008: China and Russia unveiled boundary markers along the eastern section of their border, putting an end to the two countries' long-term border disputes.