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Russia, China Sign Trade Deals To Deepen Ties

Russian President Vladimir Putin (right) shakes hands with his Chinese counterpart Xi Jinping during a ceremony to mark the signing of a number of bilateral traded deals in Moscow on May 8.

Russia and China have signed several agreements aimed at deepening economic ties between the two countries.

The agreements included a deal for Russia's Sberbank to open a 6 billion yuan ($966.43 million) credit line with the China Development Bank.

The deals were signed on May 8 as part of talks between Russian President Vladimir Putin and Chinese President Xi Jinping, who is visiting Moscow for the 70th anniversary of the defeat of Nazi Germany in World War II.

For the first time ever, Chinese troops will be taking part in the May 9 parade in Moscow marking the 70th anniversary of the end of World War II, known as the Great Patriotic War in Russia.

"Today China is our strategic and key partner," Putin said after he and Xi presided over the signing ceremony.

China is Russia's largest trade partner.

Xi invited the Russian leader to attend war commemorations in China on September 3.

Putin accepted, saying their countries had suffered most in the war.

Xi said the talks had shown that Beijing and Moscow shared the same views on many global problems.

One of the deals agreed by the two sides included Chinese investment in a high-speed rail line linking Moscow and the Volga city of Kazan.

"The Chinese side agreed to finance this project in the amount of around 300 billion rubles" ($5.92 billion), Putin said.

They also signed an agreement on creating a joint Chinese-Russian company that could acquire 100 of Russia's Sukhoi Superjet 100 jumbo jets over three years in a deal worth around $3 billion and lease them out in Asia.

Putin said the two sides also discussed joint energy projects, with "substantial results."

Last year, China and Russia inked a 30-year, $400-billion agreement that will eventually involve Moscow supplying Beijing with 38 billion cubic metres of gas annually.

"The Russian side has already started building the gas pipeline while work on Chinese territory starts in the near future," Putin said.

With reporting by Reuters