Moscow and Beijing should establish cooperation in the sphere of innovation, Chinese media reported Russia’s First Deputy Economic Development Minister Aleksei Likhachev as saying Saturday.

SHANGHAI (Sputnik) – The sphere of innovations is less prone to global risks and will greatly benifit for the bilateral relations of the two countries, according to the minister.

"I believe that the most important [in Russian-Chinese relations] is to establish and to find new cooperation in the sphere of innovations. It is less of all exposed to global risks," Likhachev told Chinese CCTV TV-channel on the sidelines of the G20 Trade Ministers Meeting.

He also said that the current trends of the global economy pose a challenge to development of Russian-Chinese trade and economic relations.

"Regional trade blocs are created, which sometimes goes against our countries’ interests. We will respond to these interests by creating our preferential trade relations, establishing own economic blocs," Likhachev said.

He added that one more problem for Russian and Chinese companies is decreasing prices for energy commodities and metals. Likhachev said that the countries would diversify supplies and create new production assets.

The G20 Trade Ministers Meeting will be held in Shanghai on July 9 —10.