China and Russia will sign an agreement to work on the Silk Road Economic Belt, Foreign Minister Wang Yi said Sunday at the sidelines of the ongoing national legislative session.

The practical cooperation between China and Russia is based on mutual need and has enormous internal impetus and room for expansion, Wang said.

"This year, our practical cooperation is expected to deliver a series of new results," he said. "We will work hard to lift two-way trade volume to 100 billion U.S. dollars."

China and Russia will start strategic cooperation on the development of Russia's Far Eastern region, he said.

"We will strengthen our cooperation on high-speed railway", he said.

China and Russia will start to fully construct the eastern route of natural gas pipelines and sign an agreement on the western route of natural gas pipelines.

The two countries will accelerate the joint research and development on a long-distance, wide-body passenger jet.

China and Russia will continue to intensify their cooperation in the financial, oil and gas, as well as nuclear power sectors.