The 10th Russia-China Financial Dialogue is held in Moscow, Russia on August 19, 2024. Photo: Ministry of Finance of China

Co-chaired by Chinese Finance Minister Lan Fo'an and his Russian counterpart Anton Siluanov, the 10th Russia-China Financial Dialogue was held in Moscow, Russia on Monday. The two sides had an in-depth exchange of views on economic and financial issues of mutual interest, and reached an important consensus in multiple key aspects, with a highlight on deepening multilateral cooperation, according to the joint statement of the dialogue.

The 10th Russia-China Financial Dialogue is held in Moscow, Russia on August 19, 2024. Photo: Ministry of Finance of China

Both sides will deepen coordination and cooperation in multilateral platforms including the G20, BRICS, the Shanghai Cooperation Organisation and Asia-Pacific Economic Cooperation, and international organizations such as the IMF, the New Development Bank and the Asian Infrastructure Investment Bank, as the global economic outlook remains uncertain amid persistent risks, according to the statement.

Bilateral cooperation intends to limit the risks stemming from geopolitical and geoeconomic fragmentation, steadfastly advance economic globalization and keep global industrial and supply chains stable and smooth, and enhance macro-economic policy coordination by all parties, along with other expectations, read the statement.

The 10th Russia-China Financial Dialogue is held in Moscow, Russia on August 19, 2024. The two sides will continue to strengthen cooperation for the NDB and under the framework of the AIIB, according to a joint statement of the dialogue. Photo: Ministry of Finance of China

The dialogue is an important means to implement the consensus reached by the two sides while enhancing bilateral cooperation, Song Kui, president of the Contemporary China-Russia Regional Economy Research Institute, told the Global Times on Tuesday, noting that the cooperation focuses on the supply chain and key aspects will be conducive to promoting the global industrial chain and logistics.

China and Russia will continue to promote cooperation on the G20 Finance Track, and they believe it is necessary to address the international debt agenda properly to support economic recovery and its sustainable development, while taking into account each nation's laws and internal procedures.

As two significant global economies, stepped-up financial cooperation between China and Russia will further promote global financial and economic governance, with an enhanced presence for developing economies participating in international financial affairs, Li Xin, director of the Center for Russian and Central Asian Studies at the Shanghai Institutes for International Studies, told the Global Times on Tuesday.