China and Russia on Tuesday agreed to further explore new areas of investment cooperation and create a more favorable investment and business environment for both sides.

The pledge came as Chinese Vice Premier Han Zheng, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, co-hosted the fifth meeting of the China-Russia Investment Cooperation Committee with Russian First Deputy Prime Minister Anton Siluanov in Moscow.

Han said the establishment of the China-Russia Investment Cooperation Committee was a strategic measure taken under the guidance of both heads of state with the aim of comprehensively enhancing bilateral cooperation and boosting common prosperity.

Since it was set up in 2014, the committee has played an important role in promoting the synergy of development strategies of the two countries, strengthening policy communication and coordination, boosting exchanges and cooperation between Chinese and Russian enterprises and pushing ahead the implementation of major projects, said Han.

The mechanism has become a key platform and thruster for the common development of both countries, he said.

As the biggest neighbor of each other, China and Russia are major economies and emerging markets in the world, said Han, adding that the two countries have big economic volumes with vast markets and their industries are highly complimentary.

He said both countries enjoy broad investment prospects with unique political, geopolitical and cultural advantages.

Stressing that China has always viewed Russia as a priority partner for investment, Han said China stands ready to work with Russia to fully implement the consensus reached by the two heads of state and explore potentials of cooperation from a higher perspective at a deeper level and a more extensive scope so as to transform the advantage of the high-level bilateral political ties into more cooperation fruits and better benefit the two peoples.

He pointed out that both sides should enhance alignment of strategies and coordination in the next stage and create a more regulated and convenient environment for making investments and doing businesses.

The two sides should continue to prioritize the implementation of major cooperation projects between the two countries so as to form a good modeling effect, conduct cooperation on polar exploration and investment in the Far East and in the field of high-tech industry actively, he added.

Echoing Han's remarks, Siluanov said Russia-China cooperation has entered a new phase as bilateral investment cooperation is fruitful and enjoys great potentials.

Russia is willing to work with China to implement the consensus of both presidents, give full play to the committee, better synergize development strategies and enhance support in the areas of infrastructure, legislation and finance to provide better conditions for expanding investment cooperation, he said.

A working report from the secretariat of the committee was reviewed at the meeting.

During the meeting, both countries also reached a series of consensus on cooperation in the areas of investment and finance in the next stage, brought forth priorities of cooperation and confirmed a list of key projects in the new round of investment and cooperation.

They also vowed to make adequate preparations for the 23rd regular meeting between the two heads of government which will be convened later this year.

Han arrived here on Sunday for a three-day visit. This is his first overseas visit in his capacity as vice premier. He will head for Singapore on Tuesday to continue his tour.