China and Russia have signed an agreement to cooperate on the big data industry, as part of the latest efforts to offer services for businesses to learn about market information and control risk.

It was announced at the 2017 “Belt and Road Initiative” Sino-Russia Big Data Industry Development Forum held in Harbin, Northeast China’s Heilongjiang province on Sept 23.

China and Russia have developed further cooperation in sectors such as transportation, energy, agriculture and equipment manufacturing by taking advantage of the Belt and Road Initiative since it was proposed in 2013.

As with the rise of the e-commerce industry in Russia in recent years, the potential capabilities of big data analysis are of great importance to Russia.

“Harbin is one of the main cities in China to deepen cooperation with Russia,” said a Russian representative attending the Harbin forum.

“The big data industry in Harbin is the most developed in China,” he added.

Cooperation in the big data industry will not only help Russia develop its Far East Asia region, but also play an important role in rejuvenating the Northeast China old industrial base.

Cooperation agreements on information, the economy and trade were signed between China and Russia at the Harbin forum. Representatives also paid a visit to the “China Cloud Computing Valley” in Harbin New Area.