China and Russia are ready to push forward the development of economic globalization toward a balanced, universally beneficial and win-win direction, says a Sino-Russian joint statement signed in Beijing on Friday.

The joint statement on major international issues called on the international community, especially developed countries, to increase development aid and comprehensively honor their commitments on providing aid for developing countries, so as to create a favorable international environment for their development.

Both sides support a reciprocal and win-win open strategy, the promotion of south-north dialogue and south-south cooperation,and narrowing south-north gap, according to the statement signed by Chinese President Hu Jintao and visiting Russian President Dmitry Medvedev.

To this end, the statement said, international trade and financial system should be perfected, trade protectionism and investment protectionism should be opposed to, and economic and trade disputes should be addressed through consultations on equal-footing and cooperation.

Medvedev arrived in Beijing on Friday for a two-day state visit to China.

Medvedev is the first head of state to pay a state visit to China after the devastating May 12 earthquake in the southwestern Sichuan Province.

This is Medvedev's first state visit to China and his first visit outside the Commonwealth of Independent States (CIS) since he was sworn in on May 7.

Chinese President Hu Jintao (L) shakes hands with visiting Russian President Dmitry Medvedev (R) during the welcome ceremony in Beijing, capital of China, May 23, 2008. Hu Jintao held a welcome ceremony for Russia's new President Dmitry Medvedev who arrived in Beijing on Friday for a two-day state visit to China.

Chinese President Hu Jintao (front L) and visiting Russian President Dmitry Medvedev (R) review the guards of honor during the welcome ceremony in Beijing, capital of China, May 23, 2008. Hu Jintao held a welcome ceremony for Russia's new President Dmitry Medvedev who arrived in Beijing on Friday for a two-day state visit to China.

(Xinhua News Agency May 23, 2008)