China and Russia will further promote trade and economic cooperation in facing the global financial crisis.

While meeting with his Russian counterpart Elvira Nabiullina in Moscow on Tuesday, Chinese minister of commerce Chen Deming stressed that closer cooperation between China and Russia bears even more extraordinary significance at the moment when the world's financial markets are troubled by the credit crunch.

"The subprime mortgage crisis in the United States has resulted in a global financial crisis, which is affecting the real economy. As two big countries in the world, China and Russia should strengthen economic and trade cooperation, expand investments and enhance technological exchange, so as to reduce the impact of the crisis."

He added that growing economic and trade relations between the two countries have become strong cornerstones for the Sino-Russian Strategic Cooperative Partnership.

Trade between China and Russia surged by 23 percent year on year to hit 43 billion U.S. dollars by September in 2008; while the target for 2010 is 60-80 billion dollars.

According to a statement issued after the talks, China and Russia will carry out a series of big projects in fields such as civil aviation, space exploration, and energy machinery.

The two top trade officials also pledged to enhance coordination in solving problems raised in market access and trade, and create a sound climate for increasing two-way investment.