China and Russia on Thursday vowed to further promote cooperation between their two parliaments and intensify bilateral economic ties.

In his talks with visiting Russian Federation Council Speaker Valentina Matviyenko, Chinese top legislator Wu Bangguo offered a four-point proposal to step up the inter-parliamentary cooperation with an aim to take the bilateral ties to a higher level.

Wu, chairman of the Standing Committee of the National People's Congress (NPC), China's top legislature, called on both sides to increase mutual political support and deepen mutual trust so as to safeguard both countries' interests on sovereignty, safety and development.

Secondly, the two sides need to cooperate more and better, and enhance exchanges in the fields of governance and legislation, urged Wu.

They also need to boost cultural and personnel exchanges on the occasion of hosting the tourism year in each country so as to strengthen friendship between young people and young politicians, said the top legislator.

Lastly, both countries need to intensify coordination and strategic cooperation in international and regional parliamentary organizations in order to safeguard common interests, according to Wu.

Echoing his Chinese host's remarks, Matviyenko said it is the priority of Russia's foreign policy to develop a Russia-China comprehensive strategic partnership of coordination.

She said the Federation Council is committed to making joint efforts with China's NPC to make full use of the Russia-China parliamentary cooperation committee, the highest-level regular meeting mechanism between China's top legislature and a foreign parliament, so as to conduct all-round cooperation and create good legal conditions for bilateral ties.

The sides agreed that local cooperation is the priority for bilateral ties in the next 10 years. Legislative institutions of both countries need to contribute more to promoting local cooperation and economic development, they believe.

After the talks, Wu and Matviyenko attended the second session of the sixth meeting of the China-Russia parliamentary cooperation committee.

Also on Thursday, Chinese Premier Wen Jiabao met with Matviyenko, pledging closer economic ties.

Wen said there is great potential for further economic and technological cooperation between China and Russia.

The two sides need to further open their markets to each other, liberalize and facilitate trade so that more enterprises, technology, capital and projects can enter into each other's market, Wen said.

He also called on both countries to step up joint investment, joint research and production in the hope of realizing mutual benefit.

According to Matviyenko, economic and trade cooperation is the basis of substantial bilateral cooperation. As Russia has joined the World Trade Organization, it is ready to work with China to expand cooperation on industry, forestry, innovation and high technology, the speaker vowed, adding that she hopes China can increase investment in Russia.