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China and Russia pledge deeper cooperation

AFP reports

Chinese President Hu Jintao and his Russian counterpart Dmitry Medvedev on Sunday pledged closer cooperation to face the world financial crisis, a Chinese spokesman said.

During their 45-minute meeting, the two leaders also pledged to pursue a six-nation effort, chaired by China, to denuclearise North Korea, Liu said.

Russian media last week quoted the country’s energy minister as saying Moscow and Beijing would resume talks about oil shipments via a new pipeline next week, after they were reportedly halted over a financial dispute.

The talks on a 25-billion-dollar (20-billion-euro) loan package from China to Russian state pipeline monopoly Transneft and oil company Rosneft had been suspended due to “absurd” Chinese conditions for the loan package, Russian media had quoted a source as saying.

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