BEIJING - China and Russia agreed on Tuesday to increase reciprocal investment and jointly develop energy, high-speed rail, telecommunications, mining, housing and infrastructure projects.

Chinese Vice-Premier Zhang Gaoli and Russian First Deputy Prime Minister Igor Shuvalov co-chaired the first meeting of the China-Russia Investment Cooperation Committee in the Great Hall of the People in Beijing.

During the talks, Zhang said the two sides should create a more convenient environment for reciprocal investment.

Shuvalov said Russia is ready to open up more areas of investment to Chinese investors and provide them with more favorable conditions and convenient financial services.

The China-Russia partnership has entered a new stage of development, according to Zhang. He said the launch of the committee is aimed at further implementing the consensus reached by the presidents of the two countries and to prepare for the 19th regular meeting between the two countries' heads of government.

The Chinese vice-premier said the development of China-Russia relations has injected fresh impetus to their financial cooperation.

Since the beginning of this year, Chinese direct investment in Russia has grown rapidly. The country has become the fourth-largest source of investment for Russia, pumping in a total of $32 billion.

As more and more Chinese and Russian companies are ready to invest in each other's country, bilateral investment faces new growth opportunities, Zhang noted.

He expressed hope that the two sides can make the most of the new committee to tap the potential and complementary nature of their specific advantages.

The vice-premier told the meeting that the two sides should focus on cooperative projects in the areas of energy, high-speed rail, telecommunications, mining, housing and infrastructure development. Meanwhile, he said, the two sides should expand financial cooperation so as to benefit the people of the two countries.

Shuvalov said strengthening bilateral investment is crucial to expanding and deepening the cooperation between the two countries.

Russia will let the committee play its full role in advancing and guiding investment, he vowed.

The China-Russia Investment Cooperation Committee was launched following agreement between Chinese President Xi Jinping and Russian President Vladimir Putin as they met in Beijing earlier this year.