China and Russia signed a memorandum of understanding in Beijing Tuesday that could lead to an annual dialogue between the finance ministers of the two countries in an effort to boost bilateral economic cooperation.

Under the memorandum of understanding, the finance ministers of the two countries will meet once a year. Each country will host the meeting on alternate years.

According to the memorandum, which was signed Tuesday in Beijing by Chinese Finance Minister Jin Renqing and Russian Foreign Minister Sergei Lavrov, other government departments may be invited to join in the meeting of finance ministers if necessary.

The topics of discussion will include the macro-economic situation in the two countries, their fiscal policies, financial reform and cooperation in the international financial sector, according to the document.

The Chinese Ministry of Finance did not indicate when the first meeting will take place, saying the dialogues will be launched at the right time.

China and Russia are globally significant and their economies share sound basis for cooperation, according to the memo.

Strengthening bilateral dialogue is not only conducive to the development of China and Russia's strategic partnership, but is also important to the stability and development of the world economy, said the memo.

Source: Xinhua