Both President Hu Jintao and his Russian counterpart Vladimir Putin vowed to continue to adhere to the principles and polices of bilateral good-neighbourly co-operation, irrespective of the changes in the international arena.
A nearly two-hour tete-a-tete meeting was held Tuesday afternoon in the Green Sitting Room of the Grand Kremlin Palace.
The Russian leader expressed the conviction that "the visit by the Chinese President to Russia is a bright page in our relations and gives an impetus to the development of bilateral relations.''
Putin said that "relations between Russia and China are at such a high level, at which they have not been evidently before.''
Expressing satisfaction with the sound development of Sino-Russian ties over the past ten years, Hu said the Chinese side is willing to come together with the Russian side to consolidate past advances and usher in the future, to enter a new era of bilateral good-neighbourly co-operation that benefits both countries and peoples.
Hu said that in choosing Russia as the first country he visited following his election as president demonstrated how much importance China attaches to the ties with Russia.
Hu said that the strategic co-operative partnership between the two is not only in the basic interests of two countries, the common wish of its peoples, but is also in step with trends of the times.
On Sino-Russian economic and trade co-operation, Hu said both sides have recognized the great potential for economic and trade co-operation, Hu said, adding that bilateral trade has witnessed rapid growth and achieved remarkable results due to joint efforts.
Although Tuesday did not see the signing of a strongly anticipated agreement on the construction of a 2,400-kilometre pipeline from the east Siberian city of Angarsk to China's petroleum centre of Daqing, both state leaders expressed optimistic views on expanding co-operation in field of energy.
Putin told reporters after the meeting that Russia is planning to further the export volume of oil to China, saying that both sides are still undergoing feasibility studies on establishing a petroleum pipeline linking the two countries.
"All in all, Russia is willing to go for the Chinese market and to promote the development of those joint projects,'' said Putin.
Beijing-based observers indicated that the two countries are expected to sign a general agreement on the pipe-line construction in the near future.
This will enable Russia to provide up to 30 million tons of oil every year for a period of 25 to 30 years, said Li Jingjie, director of the Institute of East European, Russia and Central Asian Studies with the Chinese Academy of Social Sciences.
Aviation manufacturing is also widely regarded as a potential field for further co-operation.
Russian space chief Yury Koptev said earlier this year that the two countries intended co-operating ahead of the planned launch of the first Chinese astronaut into space late this year.
Wednesday Hu plans to visit the Khrunichev Centre, which manufactures Proton launch vehicles and space station modules.
The signing of the joint statement by the two state heads is considered the most significant aspect of Hu's visit.
The statement is an endorsement to strengthen the existing friendship between the two countries and working towards the establishment of a multipolar world.
On the international front, China and Russia reiterated calls for a non-nuclear Korean Peninsula and for a central role to be played by the United Nations in Iraq, according to the statement.
On China's fight against SARS, Hu said during his talks with Putin the Chinese Government, had always placed the priority on safeguarding the lives and health of its people. In that regard it has taken decisive and effective, measures to prevent and contain the outbreak.
As experience has shown, further spread of SARS can be prevented, treated and controlled, Hu said, noting that the Chinese people are determined and confident about winning the battle with the support of the international community.
