On September 12, Chinese President Xi Jinping declared during the fourth Eastern Economic Forum in Russia that China has set up the China-Russia Regional Cooperation and Development Investment Fund (hereinafter referred to as China-Russia Fund) with the first round of funding 10 billion yuan and 100 billion yuan in total. China will work with Russia to support the operation of the fund and turn it into an important platform for promoting infrastructural and industrial projects in Northeast Asia.

As a major initiator of China-Russia Fund, SPIC will fully operate China-Russia Fund to contribute to China-Russia cooperation in the Russian Far East and Northeast Asia.

China-Russia Fund was approved by the State Council and its fund establishment program was approved by the National Development and Reform Commission. The fund was initiated by SPIC, in association with China National Nuclear Corporation and other partners. It is guided by the government and operated with market-orientation to mainly support China-Russia regional cooperation project. So far, the fund management corporation and the general partnership corporation have been registered and founded in Shenzhen, and the first round of fundraising has been quickened.

Under China-Russia Fund framework, SPIC simultaneously works to set up an energy power fund, which will focus on energy industry investment in China, Russia and third countries or regions.

Up to date, China has become the largest trading partner and the largest source country of investment for Russia Far East. In recent years, the achievements for China’s cooperation in Russia Far East have been remarkable. As an important platform for China-Russia cooperation, the establishment of China-Russia Fund has attracted intensive attention from government and business at home and abroad.

As an important means and effective tool to promote China-Russia bilateral cooperation, China-Russia Fund is of great importance to the development of infrastructure, energy and technical innovation, as well as bilateral cooperation between China and Russia.

So far, SPIC has reached wide cooperation with its Russian partners in fields of thermal power plants, wind power, power grid, and clean energy technology research and development. Boosted by China-Russia Fund, SPIC will further expand its business relations with Russian partners and promote upgrade of energy as well as high-tech cooperation in near future.