On the afternoon of May 29, 2006, Chairman Wu Bangguo of the Standing Committee of the National People's Congress (NPC) of China, who was on an official goodwill visit to Russia, met with Russian Prime Minister Mikhail Fradkov in the government building. Both sides exchanged in-depth views on China-Russia relations, economic and trade cooperation and other issues, and reached important consensus.

Wu first made highly positive comments on China-Russia relations, and the achievements in Russia's economic and social development. He said that economic and trade cooperation is the economic basis for state-to-state relations. In recent years, bilateral economic and trade cooperation of mutual benefits has been developing rapidly with the trade volume continuously increased and cooperation area steadily expanded, and the cooperation in large programs has witnessed sound momentum. It is believed that with the joint efforts of both sides, the target of 60 billion to 80 billion US dollars for bilateral trade volume in 2010 can absolutely be fulfilled. Wu said that China is implementing the "11th Five-Year Plan", while Russia is rejuvenating its own national economy, which offers a rare opportunity for deepened bilateral economic and trade cooperation. China would like to work with Russia to tap cooperation potential, expand cooperation area, give full play to the major role of businesses in bilateral economic and trade cooperation, further improve trade mix, regulate trade order, increase mutual investment, push for the implementation of large programs, strengthen strategic cooperation in science & technology especially in the high-tech area and continuously enhance the quality and level of bilateral pragmatic cooperation.

Fradkov agreed with Wu's comments on bilateral relations. He said that both economies are highly complementary with sound basis and huge potential for cooperation. The Russian government will seriously implement the consensus reached between the heads of state of the two countries, continue to well hold the activities of the "Year of Russia" in China and the "Year of China" in Russia, take pushing for cooperation in large programs as a priority task of developing bilateral economic and trade relations, further strengthen cooperation in the areas of science, technology and environmental protection and realize mutual benefits and common development.

Wu also conveyed the cordial greetings from Premier Wen Jiabao to Prime Minister Fradkov. Fradkov expressed thanks for this and asked Chairman Wu to convey his best wishes for Premier Wen.

Vice Chairman Raidi of the NPC Standing Committee attended the meeting.