Chinese Vice Premier Wang Yang said on Saturday that Russia's push to revamp its run-down Far East region coincided with Beijing's strategy, backing President Vladimir Putin's drive for new sources of growth.
At the Eastern Economic Forum in the Pacific Port of Vladivostok on Friday, Putin promised favorable business conditions and state support to Asian and domestic investors willing to come to Russia's most remote land.
"The Far East development strategy coincides with China's strategy of north-east rebirth," Wang said. "(The) Russia-Chinese partnership will definitely bring generous fruits."
Economic relationship between China and Russia:
But for Putin's campaign to attract Asian funds to Russia, timing may be his worst enemy: the slowdown in the Chinese economy poses risks.
Putin's turn to Asia comes at a time when relations with the West have hit their lowest since the Cold War, following Moscow's involvement in the Ukraine conflict.
Russia needs money badly - sanctions and falling oil prices have hit the economy hard, with gross domestic product expected to fall 3.3 percent this year after growing 0.6 percent in 2014. China's growth, meanwhile, is slowing and its stock market falling, forcing Beijing into rate cuts and a yuan devaluation to buttress the economy.
Ian Ivory, a partner at Golstblat BLP, said the Chinese slowdown will hardest affect emerging markets which are providers of raw materials.
"Russia is another classic example that will feel the pain, and China will be a further negative drag on the Russian economy," Ivory said in e-mailed comments.
Andrey Kuzyayev, a former head of overseas operations at Lukoil, Russia's No.2 oil producer, played down the worries, saying the development of the Far East was not a temporary whim, but a long-term goal for the country.
"We need to make up time we have lost," he said. "Cycles in any economy are the norm, not deviation. There will be a slowdown but obviously there will be acceleration later."
Chinese government's growth target is 7 percent this year, down from 7.4 percent in 2014 and the slowest in a quarter of a century.
Wang's address to the forum on Saturday was short and he left immediately afterwards, in the middle of the session, followed by Chinese officials, including Wang Yilin, chairman of the board at China National Petroleum Corporation.
"This was unexpected but this was okay, we managed," said Boris Titov, chairman of the Russian part of the China-Russia Friendship Committee for Peace and Development.
"The first session was delayed and they (the Chinese delegation) had already a briefing scheduled."
A CNPC official, who was accompanying Yilin but declined to give his name, said only: "The schedule has changed."
China backs Putin's idea of developing Russia's Far East
Russian President Vladimir Putin takes a seat before a meeting to mark International Women's Day, in Moscow's Kremlin, Russia, Tuesday, March 8, 2016. (Alexei Druzhinin/Sputnik Kremlin Pool Photo via AP)
Russian President Vladimir Putin holds a glass of champagne after a state awards ceremony at the Kremlin in Moscow, on March 10, 2016. AFP PHOTO / POOL / PAVEL GOLOVKIN / AFP / POOL / PAVEL GOLOVKIN (Photo credit should read PAVEL GOLOVKIN/AFP/Getty Images)
MOSCOW, RUSSIA. MARCH 1, 2016. Russia's president Vladimir Putin at the 7th congress of the Chamber of Commerce and Industry of the Russian Federation (CCI). Mikhail Metzel/TASS (Photo by Mikhail Metzel\TASS via Getty Images)
Russian President Vladimir Putin waves as he leaves the Italian pavilion at the 2015 Expo, in Rho, near Milan, Italy, Wednesday, June 10, 2015. Putin was meeting Wednesday with Italian officials and Pope Francis as the U.S. sought to encourage the Vatican to join the West in condemning Moscow's actions in Ukraine. (AP Photo/Luca Bruno)
Pope Francis meets Russian President Vladimir Putin on the occasion of a private audience at the Vatican, Wednesday, June 10, 2015. (AP Photo/Gregorio Borgia, Pool)
Russian President Vladimir Putin, center, flanked on his right by Italian Premier Matteo Renzi, waves as he leaves after visiting the Russian pavilion at the 2015 Expo in Rho, near Milan, Italy, Wednesday, June 10, 2015. Putin was meeting Wednesday with Italian officials and Pope Francis as the U.S. sought to encourage the Vatican to join the West in condemning Moscow's actions in Ukraine. (AP Photo/Luca Bruno)
Russian President Vladimir Putin smiles during a meeting with foreign ministers of the Shanghai Cooperation Organization in Moscow, Russia, Wednesday, June 3, 2015. (AP Photo/Pavel Golovkin, Pool)
Russian President Vladimir Putin (R) and Defence Minister Sergei Shoigu leave Moscow's Red Square on May 9, 2015 after the Victory Day military parade. Russian President Vladimir Putin presides over a huge Victory Day parade celebrating the 70th anniversary of the Soviet win over Nazi Germany, amid a Western boycott of the festivities over the Ukraine crisis. AFP PHOTO / KIRILL KUDRYAVTSEV (Photo credit should read KIRILL KUDRYAVTSEV/AFP/Getty Images)
Russian President Vladimir Putin, right, and German Chancellor Angela Merkel meet in the Kremlin in Moscow, Russia, Sunday, May 10, 2015. Angela Merkel attended a wreath-laying ceremony at the Tomb of the Unknown Soldier, marking the 70th anniversary of the defeat of the Nazis in World War II, in Moscow. (Sergei Karpukhin/Pool Photo via AP)
Russian President Vladimir Putin, left, and Defence Minister Sergei Shoigu, right, attend a wreath-laying ceremony at the Tomb of the Unknown Soldier in Moscow, Russia, Monday, Feb. 23, 2015. The Defenders of the Fatherland Day, celebrated in Russia on Feb. 23, honors the nation's military and is a nationwide holiday. (AP Photo/Pavel Golovkin)
Russian President Vladimir Putin gestures as he speaks to the media after the peace talks in Minsk, Belarus, Thursday, Feb. 12, 2015. Russian President Vladimir Putin on Thursday emerged from marathon Ukraine peace talks by announcing a new cease-fire deal, but questions remained whether Ukraine and the pro-Russian rebels have agreed on its terms. (AP Photo/Alexander Zemlianichenko, Pool)
German Chancellor Angela Merkel, left, and Russian President Vladimir Putin attend a wreath-laying ceremony at the Tomb of the Unknown Soldier in Moscow marking the 70th anniversary of the defeat of the Nazis in World War II, in Moscow, Russia, Sunday, May 10, 2015. (AP Photo/Alexander Zemlianichenko)
Russian President Vladimir Putin (R) speaks with the leader of Georgia's breakaway province of South Ossetia Leonid Tibilov during a meeting at the Kremlin in Moscow on June 1, 2015. AFP PHOTO / POOL / IVAN SEKRETAREV (Photo credit should read IVAN SEKRETAREV/AFP/Getty Images)
Russian President Vladimir Putin smiles, during his meeting with Kyrgyz President Almazbek Atambayev in the Konstantin Palace outside St. Petersburg, Russia, Monday, March 16, 2015. Putin resurfaced Monday afterÂ a 10-day absence from public view, looking healthy. (AP Photo/Anatoly Maltsev, Pool)
Russian President Vladimir Putin, left, enter a hall for a meeting of CSTO (Collective Security Treaty Organization) in Moscow's Kremlin, Russia, Tuesday, Dec. 23, 2014.(AP Photo/RIA Novosti, Alexei Druzhinin, Presidential Press Service)
Russian President Vladimir Putin gestures during his annual news conference in Moscow, Russia, Thursday, Dec. 18, 2014. The Russian economy will rebound and the ruble will stabilize, Russian President Vladimir Putin said Thursday at his annual press conference, he also said Ukraine must remain one political entity, voicing hope that the crisis could be solved through peace talks. (AP Photo/Pavel Golovkin)
Russian President Vladimir Putin, center, gestures during his talks with German Chancellor Angela Merkel, left, and French President Francois Hollande, right, in Moscow, Friday, Feb. 6, 2015. In a top-level diplomatic dash, French President Francois Hollande and German Chancellor Angela Merkel flew to Moscow on Friday to seek a cease-fire and then a lasting peace for war-wracked eastern Ukraine. (AP Photo/Alexander Zemlianichenko)
BUDAPEST, HUNGARY - FEBRUARY 17: Russian President Vladimir Putin (C) looks on as Hungarian Prime Minister Viktor Orban kisses the hand of a member of the Russian delegation during a signing ceremony of several agreements between the two countries on February 17, 2015 in Budapest, Hungary. Putin is in Budapest on a one-day visit, his first visit to an EU-member country since he attended ceremonies marking the 70th anniversary of the D-Day invasions in France in June, 2014. (Photo by Sean Gallup/Getty Images)
Russian President Vladimir Putin (R) meets with Iraqi Prime Minister Haider al-Abadi at the Kremlin in Moscow on May 21, 2015. AFP PHOTO / POOL / KIRILL KUDRYAVTSEV (Photo credit should read KIRILL KUDRYAVTSEV/AFP/Getty Images)
SOCHI, RUSSIA - MARCH 16: Russia President Vladimir Putin waves during the Sochi 2014 Paralympic Winter Games Closing Ceremony at Fisht Olympic Stadium on March 16, 2014 in Sochi, Russia. (Photo by Dennis Grombkowski/Getty Images)
Russian President Vladimir Putin gestures as he speaks during a joint news conference with Japanese Prime Minister Shinzo Abe in Tokyo, Japan, December 16, 2016. REUTERS/Alexander Zemlianichenko/Pool