China offers Russia a big credit for purchasing Chinese goods

The Chinese government offers Russia a credit of 1.5 bln dollars for increasing Chinese exports to Russia, RIA Novosti was told by Russian Deputy Prime Minister Viktor Khristenko who had completed his negotiations in Beijing on economic cooperation between the two countries. According to him, this would be the biggest credit in the history of China aimed at developing its exports. The Russian Deputy Prime Minister said that Moscow was interested in receiving this credit. However, it regards as unacceptable the demands of China on state guarantees. Moscow proposed that it was Russian private banks which should give guarantees for the credit and should take part in this project. According to Khristenko, "such a financial accompaniment of trade is one of the key elements of stability" in international trade, economic and investment cooperation. The negotiations about the terms of granting the credit will be continued. The visit by the Russian Deputy Prime Minister to Beijing took place within the framework of the preparations for another meeting between the Chairmen of the Russian and Chinese governments. This meeting has been scheduled for late August in Shanghai.