On December 5, 2012, the 16th meeting of the Joint Commission for the Regular Meetings of Heads of Government of China and Russia was held in Moscow. The meeting was co-chaired by Chinese Vice Premier Wang Qishan and Russian Deputy Prime Minister Dmitry Rogozin, as two chairmen from each side of the Joint Commission for China-Russia Regular Meetings of Heads of Government.

During the meeting, the two sides inked a financial cooperation agreement between the China Development Bank and Russia's Sberbank as well as a memorandum of strategic cooperation between the Agricultural Bank of China and Sberbank. Russia-China financial cooperation made a concrete step forward following the signing of the two agreements. Meanwhile, the two sides exchanged views on the trade of electro-mechanical products, expansion of mutual investment and telecommunication and information technology. They also discussed combined land-sea transportation and environmental protection and reached a lot of consensus. The pragmatic cooperation between China and Russia faces new opportunities and favorable conditions and will make further progress.