The similar banking systems of Russia and China offer potentialfor future financial cooperation between the two countries, said Kostin in an exclusive interview with Xinhua.

Kostin is in China accompanying visiting Russian President Vladimir Putin.

Although inter-bank cooperation between Russia and China has maintained good momentum, further development is slower than expected, said Kostin. The two countries should speed up cooperation to provide better financial services for companies in the two countries.

Cooperation between banks of China and Russia in the financial and investment sector needs to be strengthened, especially in assisting construction of large projects, Kostin said,

Vneshtorgbank signed a memorandum of understanding(MOU) with the Export-Import Bank of China in Beijing on Tuesday to jointly construct a business center in Astana, capital of Kazakhstan.

During the past few years, the Russian foreign trade bank signed loan contracts worth more than 900 million U.S. dollars with Chinese banks to promote the export of Chinese goods to Russia.

Vneshtorgbank is a major bank serving bilateral trade. The Russian government owns 99.9 percent of Vneshtorg bank. Enditem

Editor:

Wang Nan