Leaders of the Russia-China Investment Fund (RCIF) of Regional Development and Guangxi Honggui Capital Operation Group pose for a photo at the signing ceremony. [Photo by Jiang Qiming/chinanews.com]

The Russia-China Investment Fund (RCIF) of Regional Development and Guangxi Honggui Capital Operation Group signed a cooperation agreement in Beijing on Dec 13 to invest in cultural, sports, and high-tech application projects that will be implemented in Nanning, capital of Guangxi Zhuang autonomous region. 

RCIF was established in June 2012 by the Russian Direct Investment Fund and China Investment Co. Its investment projects focus on economic cooperation between Russia and China.

As an important institution and mechanism established to strengthen the foundation of China-Russia economic cooperation, as well as an important platform to support the Belt and Road Initiative, RCIF has been closely engaged in the development of Sino-Russian bilateral regional cooperation since its establishment, said Wang Feng, chairman of RCIF.

Wang also noted that the contracted projects claimed that 2 billion yuan ($285.62 million) will be invested in the implementation of China-German cultural and sports cooperation projects, conducting digital sports and artificial intelligence (AI) cooperation among China, Russia, Germany, and Italy.

Li Geng, director of the management committee of the Nanning high-tech zone, said that the cooperation will promote Nanning's economic transformation and development, as well as accelerate the establishment of an advanced technological ecological industrial hube represented by big data, AI, and robotics.

The cooperation will make full use of the advantages of Guangxi and ASEAN's geographical locations and business communications to serve the construction of the New International Land-Sea Trade Corridor. It is also an important strategic measure to achieve multilateral cooperation between regions.