( CNN ) -- Russia 's Prime Minister Vladimir Putin held talks with Chinese counterpart Wen Jiabao in Beijing Tuesday , as the two countries agreed to bilateral economic and trade deals worth $ 4 billion , Chinese state media reported . Wen hosted a welcome ceremony for Putin at the Great Hall of the People at the start of a three-day visit , before their private talks and a larger session involving ministers from both sides , Xinhua said . `` Russia and China have become genuine and comprehensive strategic and cooperative partners in recent years , '' Putin was quoted by Xinhua as saying . Bilateral relations have become stable and mature since the forging of diplomatic ties 60 years ago and particularly the establishment of the Russia-China strategic cooperative partnership in 1996 , Wen told reporters . Russian Deputy Prime Minister Alexander Zhukov said the deals included two $ 500-million-dollar banking deals -- one involving Russia 's Vnesheconombank ( VEB ) and the China Development Bank and the other between Russia 's VTB bank and the Agricultural Bank of China , Agence France-Presse reported . Chinese and Russian negotiators also met Tuesday `` to exchange views on China-Russia energy cooperation , '' according to a Chinese foreign ministry statement . In April , the two countries signed agreements on oil cooperation , while a memorandum of understanding on natural gas cooperation in followed in June . But negotiations over the pricing of the gas have reportedly remained a major obstacle to a final deal , AFP said . However , Chinese Vice Premier Wang Qishan , who met with Zhukov at a joint economic forum earlier Tuesday , told reporters that the China-Russia oil pipeline project was going smoothly and the loan China pledged to Russia had been implemented , Xinhua said . The construction on the China section of an oil pipeline from Siberia started in May . The 1,030-kilometer ( 640-mile ) pipeline runs from Skovorodino , Russia , to the city of Daqing in northeastern China . It is expected to go into operation by the end of 2010 and carry 15 million tons of crude oil annually from Russia to China from 2011 to 2030 , Xinhua added .
China 's premier Vladimir Putin meets Wen Jiabao in Beijing . The two leaders agree multi-billion dollar trade , cooperation deals . two sides also negotiating over energy cooperation . Work started in May on oil pipeline supplying Russia from China .