China, Russia expected to sign multibillion dollar high-speed rail deal during Putin’s visit to Beijing

A multibillion-dollar high-speed rail deal between China and Russia is expected to be signed during Russian president Vladimir Putin’s visit to Beijing this week, when the two nations are expected to extend military cooperation.

China’s foreign ministry spokesman Lu Kang announced on Monday the Putin would start his state visit on June 25.

Official details of the trip have not been announced, but observers closely following the matter said that up to 30 trade agreements could be signed.

China has recently confirmed plans to provide a 400 billion-rouble (HK$48 billion) loan to build a high-speed railway between the Russian cities of Moscow and Kazan.

China, Russia to hold missile defence drills, amid opposition to US plans to deploy missile shield in South Korea

In April, two Chinese state banks agreed to lend more than US$12 billion to develop a liquefied natural gas plant in the Russian Arctic, after more than a year of delays. Negotiations between the two sides were complicated by US sanctions against the project’s majority shareholder Novatek, which is partly-owned by Putin’s close ally and Russian billionaire Gennady Timchenko.