Chinese President Xi Jinping (2nd L) and his Russian counterpart Vladimir Putin (2nd R) attend a bilateral energy business forum in St. Petersburg, Russia, June 7, 2019. (Xinhua/Xie Huanchi)

ST. PETERSBURG, Russia, June 7 (Xinhua) -- China and Russia are poised to further deepen their energy cooperation as their top leaders both pledged on Friday to improve business environment for energy firms' cooperation.

Attending a bilateral energy business forum together, Chinese President Xi Jinping and his Russian counterpart Vladimir Putin vowed to provide policy support for such cooperation.

As comprehensive strategic partners of coordination, China and Russia enjoy deepening cooperation in all spheres, which has forcefully promoted the two nations' common development and revitalization, Xi said.

Describing energy cooperation as the "most significant, most fruitful and most wide-ranging" area of bilateral cooperation, Xi said the two sides' close coordination has played a positive role in safeguarding the fair, just, reasonable and orderly international energy order.

To consolidate and deepen their energy cooperation, Xi made four proposals. Firstly, business entities should lead the cooperation and stick to the principles of mutual benefits, win-win results and being commercially viable. Financial insurance and energy cooperation should be enhanced for mutual support and mutual promotion.

Secondly, new potentials should be tapped to upgrade the cooperation. Cooperation in energy technical standard should be strengthened for mutual recognition and synergy. Technological innovation, the integration of information technology with the energy sector, and cooperation in energy research and development (R&D) should all be deepened. Experience sharing, capacity building and think tank exchanges should be enhanced for mutual learning.

Thirdly, the cooperation should promote the integration of interests, and aim for a more comprehensive and integrated cooperation along the whole industrial chain. The two sides should focus on the present while looking into the future, stick to complementary advantages and win-win results to expand and deepen their cooperation.

Fourthly, cooperation in global energy governance should be stepped up for the sustainable development of energy. The two sides should work together to firmly safeguard multilateralism and actively conduct multilateral cooperation to play a constructive role in the global energy governance system.

Xi said China and Russia enjoy broad prospects and tremendous potentials in energy cooperation. "I would like to work with President Putin to lead and promote our governments in creating an even better business environment for our enterprises and provide more comprehensive policy support."

He expressed belief that companies of the two countries, under the shield of the comprehensive strategic partnership of coordination for a new era, will work together to further promote their cooperation to benefit the two peoples.

Putin said the energy business forum was jointly initiated by him and Xi last year as a platform for the two sides to explore expanding cooperation in oil and gas, electric power and renewable energy.

Energy cooperation has become an important and integral part of the Russia-China comprehensive strategic partnership of coordination, and the fastest growing area of bilateral cooperation, and it is mutually beneficial, Putin said.

The two countries have made positive progress in energy cooperation in infrastructure construction, trade, and technological R&D, Putin said, adding that important oil and gas pipelines and large-scale cooperation projects are making headway as scheduled.

"The Russian government will improve related laws, regulations and policies to create a favorable market environment for foreign companies to invest and operate in Russia," he said.