On June 27, 2016 the MOU on Innovation Cooperation between the Ministry of Science and Technology of the People’s Republic of China and the Ministry of Economic Development of the Russian Federation was signed in Moscow. Yin Hejun, Vice Minister of Science and Technology, and Fomichev, State Secretary and Deputy Minister of Economic Development, signed the MOU on behalf of China and Russia respectively. It marked the official establishment of China-Russia innovation dialogue mechanism.

“Innovation-driven development” was a strategic choice shared by both countries. China and Russia were complementary in the pursuit of innovation and had enormous potential of cooperation. According to the MOU, China and Russia will set up a coordination committee on innovation cooperation led by the Ministry of Science and Technology and the Ministry of Economic Development and participated by science parks, technology platforms and investment institutions from both countries. The committee aimed to coordinate and guide reciprocal cooperation, strengthen dialogue in innovation strategy, innovation trend, establishment of national innovation system, technology transfer and mass innovation and entrepreneurship, support cooperation between business incubators from both countries, encourage young people to start their own businesses, strengthen cooperation between Chinese and Russian science parks and push for the establishment of China-Russia technology industry cooperation platform.

According to the work plan, the committee will convene its first meeting in 2017.