The Export-Import Bank of China (China Eximbank) on Saturday set up a representative office in St.Petersburg in a bid to promote trade and economic cooperation between the two countries.

Chinese Vice Premier Wu Yi and Russian Deputy Prime Minister Alexander Zhukov were present at the opening ceremony of the office in the northwest economic hub.

"The establishment of the office meets the needs of bilateral trade and economic cooperation and will promote Chinese-Russian financial ties," said Li Ruogu, president of the bank.

Established in 1994 and solely owned by the central government, China Eximbank serves as a state policy bank aimed at boosting China's foreign trade and economic cooperation by providing policy financing service, onlending foreign government loans and lending the Chinese government Concessional Loan.

It has established seven business branches, six domestic representative offices and two overseas representative offices - one for Southern and Eastern Africa and one in Paris. It has forged ties with 140 foreign banks worldwide.

(Xinhua)