BEIJING, Aug. 9 (Xinhua) -- The construction of a credit system for the border cities of China and Russia keeps advancing, contributing to a better business environment between the two countries, according to experts attending a China-Russia credit cooperation forum held yesterday in Suifenhe of northeast China's Heilongjiang province.
Building a joint credit system for the two countries' border areas based on economic information sharing is out of the necessity to expand bilateral cooperation in various fields.
Suifenhe, an important port city adjoining Russia, is enhancing the exchange of credit information and the mutual recognition of credit products with some Russian regions, in addition to cementing trade ties.
The Chinese city is teaming up with its Russian partners in jointly establishing credit files of Chinese enterprises that invest in Russia and Russian enterprises that invest in China. To further strengthen credit cooperation, they also share incentive as well as punishment lists of enterprises.
Setting up a solid social credit system has become an integral part of creating a favorable China-Russia business environment, which is key to attracting investment and boosting common development of the two economies, experts said at the forum. (Edited by Su Dan)