Friday, China and Russia signed a $1 billion nuclear cooperation deal and issued a joint statement condemning the proposed U.S. missile defense shield along Eastern European border. The deal came during Russian President Dmitry Medvedev's two-day visit to China.
Under the nuclear agreement, which strengthens Russia's role as a supplier to China's fast-growing nuclear power industry, Russia will provide technical assistance in building a nuclear fuel enrichment plant costing $500 million. It will also supply semi-enriched uranium worth at least $500 million to China for the next 10 years, the Itar Tass news agency reported.
A joint statement, signed by Medvedev and Chinese President Hu Jintao, said a U.S. plan to create and deploy a global missile defense system "does not help to maintain strategic balance and stability or strengthen international efforts to control nonproliferation."
Medvedev said America's move will harm disarmament efforts.
The leaders also raised their objection to any new arms race in space.
During their talks in Beijing, the Chinese President expressed gratitude to both Medvedev and Russian Prime Minster Vladimir Putin for sending rescue crews and a mobile hospital to the disaster area in central Sichuan province hit by the killer earthquake.
Medvedev called for better cooperation between the two countries and said that steps must be taken to reduce the trade imbalance, which is currently in China's favor.
Russia has been encouraging China to import more Russian machinery and engineering goods instead of concentrating on energy imports.
Earlier, talking to reporters in the Chinese capital, Medvedev said, "Our foreign policy must not only be sound and pragmatic, but also friendly and open." He said Russia considers China as one of its "most important foreign partners."
On Saturday, Medvedev will deliver a speech at Beijing University.
Medvedev was scheduled to hold talks with Chinese Prime Minster Wen Jiabao on the same day, but it was called off because Wen is paying another visit to earthquake- devastated Sichuan province, China's official radio reported.
Medvedev's visit to China, his first after becoming Russia's President earlier this month, sends a message to both Beijing and the West that Moscow continues to strengthen its influence in the Central Asia region as its home turf.
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May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.