New Opportunities for Eurasian Cooperation Along the Huangpu River: Xinhua's Special Report on the II EFEF
In April, Shanghai experienced a significant surge in activity, with the Shanghai Expo Center, situated on the banks of the Huangpu River, hosting China's engagements with international partners for over half a century. This time, the venue once again welcomed both established and new participants. As the colder weather gave way to warmer temperatures and the air was filled with the anticipation of new initiatives, the II Eurasian Financial and Economic Forum was convened.
The Forum was organized by Financial and Business Association of Euro-Asian Cooperation (FBA EAC), Russian Union of Industrialists and Entrepreneurs (RUIE), the Association of Banks of Russia, and the Sino-European Association for Economic and Technological Cooperation, with the support of the Xinhua News Agency. The direct executor of the event was the Silk Hengtong (Shanghai) International Trade Co., Ltd. Co-organizers included the Chongqing China-Russia Association for Economic and Cultural Cooperation, the Shanghai Federation of Modern Services, and the Chongqing State-owned Bonded Port Zone Corporation. Approximately 500 representatives from government, business, and academic circles from over 10 countries, including Russia, Kazakhstan, and Tajikistan, participated in the Forum. The agenda featured four main sessions and two thematic roundtables, covering the areas of finance, science and technology, industry, and humanitarian cooperation.
A notable characteristic of this year's event was the transition from general discussions to a more practical focus, which defined its central theme. At the opening ceremony, Zheng Huiqiang, former Deputy Head of the Standing Committee of the Shanghai People's Congress, announced the launch of 21 key projects. By the conclusion of the Forum, participants had reached a consensus on future collaboration within each thematic session. This Forum served as an indicator to the global community that Eurasian cooperation is evolving from mere discussions to concrete actions, from bilateral trade to the establishment of an integrated ecosystem.
From "Intentions" to "Specific Points": The Practical Guidelines Behind 21 Projects
At the inaugural ceremony, a comprehensive list of 21 key projects was presented, spanning five principal domains: digital finance, digital economy, large-scale logistics, innovative production, and cultural tourism. These initiatives include the Eurasian Platform for Digital Payments and Cross-Border Settlements, the Eurasian Innovation Platform for Cooperation and Interaction under the framework of "Robots + AI," the Moscow International Cultural and Tourist Complex situated on Zhivopisnaya Street, and the Center for Cultural and Artistic Exchange between Eurasian Countries. Each project has identified responsible entities and implementation strategies. For instance, the Eurasian Center for Innovative Production served as a venue for industrial and scientific-technological discourse within the Forum.
This methodology, wherein "projects speak for themselves," formed the cornerstone of the Forum. In his video address, Alexander Shokhin, RUIE President, observed that "there is a practice of evaluating forum effectiveness by the number of attendees and the quantity of signed memoranda of understanding. However, what is increasingly crucial today is to comprehensively address issues and eliminate barriers to the advancement of specific projects." During the panel discussion at the opening event, Mr. Li Shuobing, FBA EAC President, highlighted that 59 B2B meetings had been arranged as part of the current Forum. He emphasized that "our focus is not merely on dialogue but on whether these interactions can evolve into collaborative projects."
The demand for Eurasian cooperation is evolving. Historically, companies were primarily concerned with "whether they could meet" and "whether there was an intention." Nowadays, their priorities have shifted to "when payment channels will be established," "how to achieve mutual recognition of certification standards," and "whether production localization is feasible." Chen Jingyue, Executive Vice Chairman of the China-Europe Economic and Technological Cooperation Association, noted that in 2025, the trade volume between China and the five Central Asian countries surpassed 106.3 billion US dollars for the first time, representing a 12% increase compared to the same period the previous year. The total number of container trains dispatched under the China-Europe Railway Express exceeded 120,000. The economic and trade cooperation between China and Eurasian countries has displayed robust resilience.
Regarding regional economic integration, Bakhyt Sultanov, Member of the Board (Minister) for Economy and Financial Policy of the Eurasian Economic Commission, observed that the economies of the Eurasian Economic Union member states continue to exhibit resilience to growth, and the foundation for regional cooperation remains robust. According to the Eurasian Economic Commission, the combined GDP of EAEU member states increased by 1.7% in 2025, with a compound annual growth rate of 11% between 2020 and 2024. He concluded that, in a complex and dynamic environment, expanding economic and trade cooperation and enhancing financial and industrial coordination mechanisms are essential for bolstering the stability of Eurasian regional development.
Concurrently, it is noteworthy that the rapid advancement of science and technology is fostering a more granular division of production chains, necessitating even closer collaboration between professionals, markets, capital, and resources from diverse countries worldwide. "Preserving a multipolar world order and strengthening international cooperation is a historical imperative and a contemporary necessity," stated Ma Hong, Chairman of the Special Committee of the Shanghai Federation of Modern Financial Technology Services. Over recent years, the annual aggregate trade volume between China and Eurasian countries has grown at a double-digit pace, although its share in global trade remains modest, suggesting significant untapped potential. "Multilateral engagements, deepening mutual trust, pragmatic cooperation, and equitable opportunity sharing" will become pivotal foundations for cooperation in the Eurasian region.
Financial session of the II EFEF
Addressing Financial Challenges through Strategic Collaboration
Financial considerations are integral to fostering Eurasian cooperation, yet they also pose significant challenges to current trade and economic relations.
The financial session of the forum convened representatives from banking institutions, regulatory bodies, and entrepreneurs from China, Russia, Kazakhstan, Kyrgyzstan, and other Eurasian countries. The primary focus of the discussion was to explore strategies for facilitating cross-border payments and settlements in an intricate and challenging international landscape.
Alexander Murychev, RUIE Vice President, Chairman of the FBA EAC Board and the International Banking Council, emphasized that Russia has successfully navigated over ten thousand sanctions without experiencing a collapse of its banking system. He highlighted that the payment intermediary market has, in fact, experienced rapid development in response to these sanctions.
Elena Skvortsova, Vice President of the Association of Banks of Russia, representing the banking community, underscored the increasing significance of Eurasian cooperation in the current international context. She advocated for the regular hosting of such forums to expedite mutual integration and expand trade relations. Skvortsova emphasized the continued importance of China as a key partner for Russia, noting that despite emerging barriers, bilateral trade is growing, and new production chains are being established. The Association of Russian Banks expressed its readiness to provide comprehensive support to foreign credit institutions seeking Russian partners.
Bakhtybek Baisseitov, Chairman of the Association of Banks of the Republic of Kazakhstan, proposed a philosophical perspective on modern finance, viewing it as a science of trust. He emphasized the necessity of creating a new digital banking financial ecosystem for cross-border payments. Baisseitov called for the establishment of independent financial centers in Eurasian countries to manage digital and national currency assets, suggesting these centers could serve as an alternative to the traditional SWIFT system, facilitating payments in national currencies and mitigating risks.
Dmitry Ezhov, Deputy Director of the Foreign Trade Center at the Ministry of Industry and Trade of the Russian Federation, emphasized the role of the state as a "guarantor of trust" and an "information hub" in reducing the costs of partner identification and trust-building through administrative measures. This approach aims to enable small and medium-sized enterprises to safely enter Eurasian markets with state support.
Ma Hong observed that cross-border e-commerce has led to the emergence of decentralized platforms for small-scale payments, and digital currencies could potentially offer a new avenue for modern trade settlements. He highlighted the importance of identifying stable and secure investment channels for post-settlement funds, such as the yuan bond market.
Zhang Lili, Chairman of the Shanghai Association for Foreign Economic and Technological Development and a member of the Pangu Expert Council, posited that the finance of the digitalization era should be grounded in the four pillars of Eurasian cooperation: "digital connectivity, digital trust, digital assets, and artificial intelligence." Mr. Zhang proposed the exploration of a regional trading model known as "RWA + stablecoins." Zhang Guangping, an advisor to the People's Government of Shanghai, took a more fundamental approach, noting that "technology determines the degree of currency internationalization." He emphasized the need to strengthen technological cooperation to enhance the use of national currencies in trade between China and Russia.
Transformation of the Value Chain: From "Buy-Sell" to "Co-Creation" in Science and Industry
The sessions on science, technology, and industrial cooperation sought to address the question of where collaborative efforts are headed, in contrast to the financial discussions which focused on the movement of financial resources.
At the industrial session held in Jinshan district, Shanghai, Qiteng Robots Co., Ltd. presented compelling data indicating that the company produces 1,500 units of explosion-proof robots for inspection purposes per month, whereas similar enterprises in Europe and the United States produce fewer than 200 units annually. This significant production capacity, often referred to as "Chinese speed," highlighted the potential for enhanced cooperation with Russian partners. Zhao Xiaolei, the Head of the Investment and Technology Promotion Office in Shanghai, People's Republic of China (PRC), under the auspices of UNIDO, emphasized that the future of industrial development will be characterized by intellectualization, digitalization, and sustainability, which will reshape global supply chains.
The need for modern "soft services" is also paramount for "technological heavyweights." Li Lianzhong, Director of the Jinshan Branch of the Shanghai Federation of Modern Services, stated that Jinshan serves as both a representative of Shanghai's advanced manufacturing ecosystem and a coordination hub within the Yangtze River Delta. The region is actively engaged in the development of high-tech chemistry, new materials, alternative energy vehicles, unmanned technologies, low-cost housing, bio-manufacturing, and other emerging fields. Mr. Li underscored that contemporary high-tech manufacturing involves not only the production of advanced products but also the integration of robust R&D capabilities, industrial software, supply chain management, inspection and testing, branding and marketing strategies, green and low-carbon initiatives, and internationalized professional services.
The forum also included an Open House Day for the Eurasian Center for Innovative Production (ECIP), which featured a solemn ceremony for the installation of its signboard. As a new platform for implementing the "hardcore technology + soft service" cooperation model, ECIP focuses on innovative production, robotics, low-cost housing, and new materials. The center contributes to establishing a regular mechanism for collaboration between Chinese, European, and Asian enterprises in areas such as technology transfer, industrial cooperation, joint R&D, and practical applications.
It is noteworthy that the model of Eurasian cooperation is advancing to a new level, moving beyond simple equipment procurement to encompass joint research and development, production localization, and the development of common standards. During the II Eurasian Financial and Economic Forum, Yuri Razumny, Director of the Engineering Academy of the Peoples' Friendship University of Russia, noted that a training program for joint studies in artificial intelligence and robotics is being developed in collaboration with Shanghai University of Transport.
The acceleration of industrial cooperation was emphasized by Evgeny Bazhov, General Representative of the Russian Export Center in China. He observed that "China is constructing a new generation of value chains at a rate four times faster than before. Russia should not remain merely a supplier of raw materials but should actively participate in the localization of these chains." Evgeny Bazhov also highlighted that Chinese companies are prepared to invest in the construction of factories in Russia, transitioning from a model of "selling goods" to creating an integrated ecosystem.
This observation highlights a broader industrial trend: Eurasian cooperation is transitioning from "complementary trade" to "technological symbiosis." Alexander Mikulenkov, the Director of the Technology Transfer Center at the Moscow Institute of Physics and Technology, utilized video conferencing to extend an "Arctic invitation" to the Chinese counterpart. He presented a comprehensive overview of the international scientific station "Snezhinka," currently under construction in the Arctic region, which is projected to become operational between 2026 and 2030 and will be accessible to the global scientific community. Mikulenkov emphasized the acceptance of Chinese equipment and technologies for conducting field experiments under extreme conditions, including temperatures as low as -40°C. The platform, encompassing areas such as hydrogen energy, drone technology, seismic monitoring, and biomedicine, offers a unique "natural laboratory" for fostering Russian-Chinese scientific and technological collaboration.
Official opening of the Eurasian Cultural and Art Exchange Center as part of the EFFE-2026
Long-Term Humanitarian Soft Bridge
The enhancement and practical implementation of economic collaboration are inextricably linked to the provision of "soft support" through humanitarian exchanges. This year's humanitarian session transcended the traditional format of "speeches and exhibitions," focusing instead on the establishment of "long-term mechanisms."
The Rongxin Confucian School in Jinshan District has pioneered an intercultural dialogue initiative that transcends national boundaries. Ms. Liu Jie, Deputy Director of the Kunqu Opera Theater in Hunan Province, presented the narrative of preserving this intangible cultural heritage of humanity - the Kunqu Opera. She elaborated that the troupe adapted "Romeo and Juliet" into a Kunqu form and presented this performance three times in Edinburgh, United Kingdom, each time to capacity audiences. "The national becomes global; art knows no borders," she observed.
Liu Yu, Deputy Executive Secretary and Head of the Communications Department of the Shanghai Federation of Modern Services, highlighted that Jinshan District is actively promoting the integration of cultural tourism, agriculture, commerce, sports, and exhibition activities. He emphasized the significance of "infusing tourism with culture and unveiling culture through tourism," transforming high-quality spaces into compelling cultural experiences.
Humanitarian exchanges facilitate the convergence of individuals, contributing to the establishment of profound, enduring, and warm connections. Ekaterina Zhukovskaya, Head of International Cooperation at ANO Development Energy (Rosatom Corporation), noted that "atomic cities" serve not only as nuclear industrial hubs but also as centers for tourism, creative industries, and environmental initiatives. "We support local artists and artisans through the establishment of an online store to sell their products. Last year, our tourism projects attracted billions of rubles in foreign investment." Even the most industrialized cities require a humanitarian brand to spur local economic development.
Zhao Mengda, Chairman of the Industrial Investment Department of the Chinese Association for the Promotion of Cultural Industry Development, stated that humanitarian cooperation constitutes a robust foundation and long-term agenda within the context of Eurasian economic development. As the humanitarian infrastructure continues to strengthen, economic exchanges, industrial collaboration, and investment activities become increasingly sustainable and viable. The Eurasian region boasts a wealth of high-quality natural and cultural resources, which can be leveraged to create themed camps along specialized routes, organize youth initiatives, develop urban branded cultural and leisure projects, and generate humanitarian products with significant market potential and commercial viability.
Huang Dongmei, Head of the Department of International Cooperation and Exchanges and Director of the International Institute of Yangtze Pedagogical University, commented that cooperation with certain universities, such as Kursk State University (Russia), in the areas of joint educational institution establishment, staff training, and the creation of educational and production centers is steadily progressing.
From educational collaborations to personnel certification, from the preservation of intangible cultural heritage to the integration of culture and tourism, humanitarian cooperation is transitioning from being a "pleasant complement" to a "critical necessity." During the Forum, the Center for Cultural and Artistic Exchange of Eurasian Countries were formally inaugurated, intended to serve as a permanent platform for the facilitation and demonstration of such cultural exchanges.
The Significance of Transparent and Sincere Cooperation in Promoting Stability and Predictability
Over the course of two days, the Spring Forum 2026 convened four sessions and hosted two roundtables, accompanied by numerous business-to-business meetings. Mr. Li Shuobing, President of the Eurasian Economic Union's Free Trade Area (FTA), aptly summarized the essence of the event: "Transparent and sincere cooperation is instrumental in fostering stability and predictability in relations between China, Russia, and the broader Eurasian region."
The Eurasian continent has historically exhibited a strong inclination towards collaboration. However, the absence of robust mechanisms, platforms, and mutual trust has often hindered the establishment of sustainable frameworks, particularly during periods of geopolitical turbulence. The Forum, through the initiation of 21 new projects, the exploration of the CIPS interbank system, the establishment of an Arctic research station, and the inauguration of the Eurasian Cultural and Art Exchange Center, has underscored a clear and resolute message: Eurasian cooperation is transitioning from an opportunistic model characterized by "sailing together when the weather is favorable" to a more resilient paradigm of "weathering any storm together."
The ebb and flow of the Huangpu River will inevitably continue. By the time of the next Forum, it is anticipated that our collaborative efforts will yield tangible results such as operational factories, seamless financial transaction channels, and vibrant venues for cultural exchanges. In this sense, the true value of the Forum lies not in providing definitive answers but in setting a clear direction for ongoing progress and renewal.
[Publishing editor: Cao Suxi]