China and Russia will expand economic and energy cooperation as they bring "stability and positive energy" to the world, Premier Li iang told his Russian counterpart on Tuesday.

According to China's state broadcaster CCTV, both sides agreed at the annual meeting between the two heads of government to "expand bilateral trade and agricultural cooperation, jointly safeguard the energy security of the two countries, strengthen interconnection, enhance exchanges and local cooperation, and ensure industrial and supply chains are safe and stable".

Li told Russian Prime Minister Mikhail Mishustin: "China is willing to work with Russia to take the 75th anniversary of the establishment of diplomatic relations between the two countries next year as an opportunity to implement the important consensus reached by our two heads of state ... to promote China-Russia relations to achieve new and major development, and inject greater stability and more positive energy into the world."

According to a transcript from the Russian side, Mishustin said relations between the two countries were at the "highest level".

He added that 90 per cent of bilateral deals would be settled in either roubles or yuan this year, and he hoped to bring economic cooperation with China to the "next level".

"In the current geopolitical conditions, relations between Russia and China have successfully passed the test of strength, [demonstrating] a high degree of stability," he said.

"The main thing is to bring our trade and economic cooperation and investment cooperation to an even higher level and ensure the quality of our trade turnover has achieved higher quality by diversifying its structure."

Mishustin also expressed condolences and offered assistance to China after a magnitude 6.2 earthquake struck the northwestern provinces of Gansu and Qinghai, killing at least 120 people and injuring hundreds.

The two signed a joint communique and a number of cooperation documents after listening to briefings from intergovernmental committees on energy and investment, development in Russia's Far East and China's northeastern region, and people-to-people exchanges, according to CCTV.

Mishustin, who arrived on Monday for a two-day visit, is expected to meet President Xi Jinping on Wednesday, according to the Russian government.

According to Russian media, Mishustin's delegation included senior ministers overseeing the country's energy, science and technology, finance and culture sectors.

On Monday, the two sides held a financial dialogue, where they signed audit and supervision deals to facilitate capital flows and bond issuance.

Russia is keen to step up economic and energy cooperation with China - one of its biggest buyers of oil and natural gas - in the face of international sanctions imposed following its invasion of Ukraine last year.

Trade volume between the two surpassed US$200 billion for the first time this year, a figure Russian deputy prime minister Dmitry Chernyshenko said on Monday would reach US$300 billion by 2030.

Meanwhile, China's ambassador to Russia Zhang Hanhui told Russian media outlet RIA Novosti that the countries would strengthen contacts at "all levels" next year, while Xi and Vladimir Putin would maintain a "close dialogue".

Xi and Putin met twice this year, with the Chinese leader travelling to Russia in March before his Russian counterpart attended the Belt and Road Forum in Beijing on a rare trip outside Russia in October.

The pair agreed to expand economic cooperation while strengthening coordination through multilateral frameworks, including the Brics group and Shanghai Cooperation Organisation, to safeguard "common interests".

China's close ties with Russia have faced intense scrutiny from the West, although Beijing says it is neutral in the Ukraine war.

However, it has said that it will not allow third parties to define its relations with Russia, while Zhang said "no force will be able to cause discord" in the relationship between the two.