China and Russia signed a memorandum of understanding on Monday to deepen cooperation between each other's satellite navigation systems to compete with Europe's Galileo and the United States' Global Positioning System.

The memorandum will help China and Russia find synergy in space by making their respective satellite navigation systems - Beidou and Glonass - more compatible and practical.

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Vice-Premier Wang Yang said technology cooperation has become the main engine driving trade and investment growth between China and Russia, as well as improving their economic development.

As both nations have their own satellite navigation systems, their operation, service performance and application modes have special characteristics, which will not only be made complementary through closer cooperation but will also enhance their global competitiveness.

"Satellite navigation systems have broad application prospects in the fields of logistics, shipping, fisheries, tourism, disaster relief and social management," Wang said. "They also will play an important role in accelerating the pace of developing the Silk Road Economic Belt, which is firmly supported by the Chinese and Russian governments."

Wang said China is willing to launch more investment activities and infrastructure construction, and carry out joint research projects and talent exchanges to develop cutting-edge technology, as well as form a stronger partnership with Russia.

To catch up with rivals in more developed nations, China has been accelerating the research and development of new technology on the Beidou system and promoting its application in sectors including transportation, fisheries and agriculture.