The Third Sino-Russian economic forum opened here Tuesday, and Chinese Premier Wen Jiabao and Russian Prime Minister Vladimir Putin addressed the opening ceremony.

Wen, who arrived here Monday evening on a three-day official visit to Russia, spoke highly of the rapid growth of Sino-Russian economic cooperation in recent years.

Russian Prime Minister Vladimir Putin addresses the opening ceremony of
the Third Sino-Russian economic forum in Moscow, Russia, on Oct. 28, 2008.

Wen said both China and Russia are emerging economies that have important impact on the world.

Strengthened cooperation in economy and trade between the two sides are conducive to the all-round development of relations between the two countries, as well as to promoting prosperity and stability of the world economy, he said.

The scale of bilateral trade has expanded with an upgraded trade structure, with the China-Russia trade volume rising nearly 10 times between 1998 and 2007 and expected to exceed 50 billion U.S. dollars this year, said Wen.

The target of 60-80 billion dollars in bilateral trade by 2010 set by both sides can be met, he said.

Meanwhile, the trade structure between the two countries has been upgraded over the past years, said Wen.

The scale of bilateral trade has expanded with an upgraded trade structure, with the China-Russia trade volume rising nearly 10 times between 1998 and 2007 and expected to exceed 50 billion U.S. dollars this year, said Wen.

Wen also tabled proposals for the further development of bilateral cooperation in energy, resources, trade, technology, finance, investment, regional and international economic affairs.

The Chinese premier urged the international community to enhance cooperation with confidence amid the global financial crisis, preserve the stability of the international financial system and promote economic growth.

It's necessary for China and Russia to join hands and strengthen bilateral ties as well as economic and trade cooperation under the context of changing international situation and fast growing economies of the two countries, said Wen.

Confidence and cooperation are even more precious than gold or any currencies, as confidence is the source of strength while cooperation is the effective approach to overcoming the crisis, Wen said.

He also said developed countries should shoulder its due responsibilities and obligations, and implement more effective polices that can stabilize themselves and the global financial market.

Other countries should adopt appropriate macro-economic policies to stabilize their economies, financial markets and capital markets, he said.

The international community should join hands to boost the development of the world economy and give particular attention to the reduction of the crisis' damages to developing countries, especially to least developed countries, said the Chinese premier.

Putin told an audience of over 400 government officials and businessmen from both sides that Russia and China could enhance cooperation in the international financial system in a bid to cope with the current crisis.

He said the Russia-China economic cooperation is based on common interests and has reached an unprecedented high level, which will also benefit the two peoples.

He suggested the two countries further cooperation in the fields of trade, investment, machinery and electric products, energy, science and innovation, agriculture and infrastructural construction.

The Russian prime minister also suggested that Russia and China strengthen cooperation to jointly cope with the international financial crisis, safeguard world financial stability, and maintain the healthy development of the two countries' economy and trade.

The First forum was held in Beijing in 2006 as part of the activities of the Year of Russia in China.

Sino-Russian trade volume surged by 23 percent year on year in the first nine months of this year to hit 43 billion U.S. dollars, according to Chinese official figures. The two countries set the trade target of 60 to 80 billion U.S. dollars in 2010.

Russia is the first leg of Wen's two-nation tour which will also take him to Kazakhstan.

He is scheduled to attend the 7th prime ministers' meeting of Shanghai Cooperation Organization (SCO) member countries in Astana, capital of Kazakhstan.