Chinese Premier Li Keqiang says China is ready to advance the establishment of a Eurasian high-speed transport corridor linking Beijing and Moscow.
In the initial stages, Chinese and Russian companies are planning to create a 770 kilometer high-speed railway connecting Moscow and Kazan, one of the cities hosting the 2018 World Cup in Russia.
Trains on the line will travel at up to 400 kilometers per hour.
This should reduce the travel time between Moscow and Kazan from 13 hours down to three-and-a-half.
Beyond this, Li Keqiang says there is much more potential for mutual cooperation between China and Russia.
"This year when the situation in growth of international trade is acute and difficult between January and August, the turnover between our two countries is growing dynamically. And this fact shows by itself that we have huge potential for cooperation."
On the financial front, the Chinese and Russian central banks have set up a currency swap of 150 billion yuan.
The three-year agreement will allow companies to settle accounts in both the Renminbi and the Russian Ruble, reducing dependence on the U.S dollar.
Russian Prime Minister Dmitry Medvedev.
"I believe it is also important for the cooperation between Russia and China to develop in a predictable and modern way, for all our projects to be financed. Both major ones like energy ones and smaller ones."
In an energy cooperation agreement, the two sides have signed-off on the technical terms of a deal which will see Russia transport natural gas to China.
The 400 billion U.S dollar, 30 year agreement was first put together back in May.
A joint communiqué issued after the meeting between Li Keqiang and Medvedev contains language saying the two countries will agree to open their markets wider to each other and stand against trade protectionism.
Li Keqiang arrived in Russia on Sunday as part of his three-nation European tour.
The trip has taken him to Germany and will conclude in Italy.
For CRI, I'm Min Rui.
