Putin: Russian economic transformation to benefit cooperation with China

BEIJING, Oct. 11 (Xinhua) -- Visiting Russian Prime Minister Vladimir Putin said on Tuesday that Russia's economic transformation process will benefit its economic and trade cooperation with China.

Putin made the remarks in a group interview with Chinese media during his two-day official visit to China.

The Russian side will further strengthen bilateral cooperation in high-technology with China and the two countries should also expand cooperation fields, Putin said.

He said Russia's economy relies much on export of oil and natural gas. Therefore, when developed countries were affected by the international financial crisis, Russia's economy will also be affected.

"Our aim is to make the economy more diversified, innovative and competitive. We hope to speed up the economic transformation process, and we have scored some achievements," he said.

Nevertheless, Putin said Russia will not reduce exploitation of oil and natural gas. Russia will change its industrial structure and the budget income structure to diversify the economy, he said.