China and Russia have signed a deal to set up a US$4 billion joint investment fund yesterday as Russian President Vladimir Putin kicked off a three-day visit to Beijing.
Putin's visit comes as the two countries seek to counterbalance the geopolitical clout of the United States in Asia and to bolster their joint stance on Syria.
President Hu Jintao and Putin, on his first Asian trip since his re-election, signed a declaration pledging to further develop both nations' strategic partnership. They also pledged to deepen military exchanges and strengthen co-ordination in Asia-Pacific, and co-operate on investments.
However, no deal was reached on plans to send large quantities of Russian natural gas to China. Negotiations were riven over pricing.
Hu said both sides were committed to bilateral ties as their top diplomatic priority.
'We've had in-depth exchange of views concerning promoting bilateral ties and international issues of common concern. We have reached consensus on a wide range of issues,' Hu told reporters following talks with Putin. 'We will strengthen mutual support, co-operation and our long-term friendship. We will strengthen strategic co-ordination in international issues, better promoting the development of both countries and stability in the region and the world.'