On October 28, 2008, the Third China-Russia Economic and Trade Summit Forum opened in Moscow. Chinese Premier Wen Jiabao and Russian Prime Minister Vladimir Putin attended and addressed the opening ceremony of the forum.

Premier Wen said in his address that the theme of "New Prospects, New Levels" sums up the situation and tasks confronting economic and trade relations between China and Russia.

Wen said that China and Russia are emerging economies of important influence in the world. The two sides strengthening cooperation in economy and trade is conducive to the all-round development of relations between the two countries and will help boost the prosperity and stability of the world economy. Through the joint efforts of the two governments and all sectors, China and Russia have achieved remarkable success in economic and trade cooperation in recent years. The scale and quality of bilateral trade have continuously gone up. The pace of cooperation in energy and natural resources has continuously quickened. The process of cooperation in high-tech areas has continuously deepened. The fruits of mutually beneficial cooperation between enterprises have continuously multiplied.

Wen pointed out that the global financial situation is in violently turbulent times and the world economy is facing tough trials like never before. In the face of crisis, the international community should maintain confidence, strengthen cooperation and join hands to stabilize the global financial markets and boost the growth of world economy. It is necessary to conscientiously sum up the lessons of this crisis, to improve the system of international financial institutions, to reform the system of international financial supervision, to hasten the establishment of a multi-currency international monetary system and to establish a new international financial order.

Under the present new circumstance with the international situation changing rapidly and the economies of China and Russia developing at an accelerated speed, it is necessary for both sides to join hands to create a new situation in bilateral relations, especially economic and trade cooperation, and raise them to a new level. To this end, Premier Wen made the following proposals: First, the two countries should deepen cooperation in energy and natural resources, promote a change of trade cooperation from natural resources to intensive processing, boost cooperation in equipment and technologies in the fields oil and gas, nuclear energy, forestry, and mining. Second, the two sides should boost cooperation in trade and technology, strive to increase the proportion of mechanical, electrical, and high-tech products in bilateral trade, and actively promote cooperation in aviation, space, information and communication. Third, the two countries should deepen cooperation in finance and investment. Reinforcing bilateral strategic coordination in the financial sector is particularly important against the backdrop of the current global financial turmoil. The two countries should jointly explore policies and measures to tackle the global financial crisis. Fourth, the two neighbors should deepen cooperation at local and regional levels. In particular, it is necessary to enhance policy coordination and overall planning for the invigoration of old industrial bases in China's northeastern provinces and the development of the Russian Far East and accelerate infrastructure construction for cross-border transport. Fifth, the two countries should boost cooperation in international economic affairs. China and Russia should work closely together to promote the establishment of international economic and trade principles, break protectionism in trade and take part in the integration of regional economy.

Wen said that the consensus reached by the leaders of the two countries needs the positive actions and active participation of enterprises. “I am convinced that as long as we can seize the favourable opportunities and work together sincerely, China and Russia will be able to usher in a new situation.”

Vladimir Putin said that Russia-China strategic partnership of cooperation is a relationship based upon mutual trust and bounded by a common cause. The two countries witnessed frequent exchanges, ever-expanding cooperation, and close cooperation in international affairs in recent years. Bilateral relations continue to move forward at a high level. The Russian side attaches great importance to strengthening pragmatic cooperation with China and wishes to join hands with China to strengthen cooperation between enterprises, promote cooperation in trade, investment, mechanical and electrical industry, energy, innovation in science and technology, agriculture, and infrastructure and upgrade the quality and level of bilateral economic and trade cooperation. Putin said that Russia and China should strengthen cooperation to tackle the international financial crisis, safeguard the stability of the international financial markets and maintain the health economic and trade growth of Russia and China.

The opening ceremony was also attended by Chinese Vice Premier Wang Qishan, State Councilor Liu Yandong, and Russian Deputy Prime Minister Alexander Zhukov and other top Chinese and Russian officials.

The China-Russia Economic and Trade Summit Forum was co-organized by the Ministry of Commerce of China and the Ministry of Economic Development of the Russian Federation. It attracted over 400 participants from the local and central governments and the business communities of the two countries. In addition to the main forum, there were also sideline events, such as Russia-China workshop on mechanical and electrical cooperation, the sub-forums on cooperation in energy, finance, agriculture, infrastructure and timber deep-processing, Russia-China roundtable on regional cooperation, and Russia-China workshop on cooperation in science, technology, and innovation and the industrialization of the outcome.