China, Russia agree to double trade

China and Russia set a goal of more than doubling bilateral trade to US$200 billion in 2020 from US$83.5 billion last year at a meeting between heads of state on Tuesday, Financial Times reported. Chinese president Hu Jintao and Russian president Vladimir Putin announced more than a dozen agreements, including a joint venture for developing long-range civilian aircraft and a joint fund for investments in Russia. A long-awaited gas pipeline deal between the two countries continued to be delayed over pricing disagreements. Beijing and Moscow are seeking closer ties in part to balance their relationship with the US, yet some analysts caution that the relationship faces obstacles. “There remains a lack of trust between the two sides, and none of the two wants a true alliance,” said Dmitri Trenin, director of the Carnegie Moscow Center.