On June 5, 2019, Minister Wang Zhigang and Minister Maxim Oreshkin of the Ministry of Economic Development of the Russian Federation signed an MOU to establish the China-Russia Research and Technology Innovation Fund. 

According to the MOU, the two sides will jointly set up a US$1 billion fund to support the development of new technologies in key economic and cross-cutting fields in both countries, as well as promote the transfer, commercialization and application of joint science and technology solutions and innovation achievements with an emphasis on supporting SMEs.