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Chinese Contractors to Spur Competition in Russia, Medvedev Says

Prime Minister Dmitry Medvedev.

The Russian government will turn to Chinese builders in the drive to provide affordable housing for the masses, Prime Minister Dmitry Medvedev said at a meeting with officials from the Construction, Housing and Utilities Ministry.

"We are planning to sign a memorandum on mutual understanding and cooperation between Russia and China [on housing construction]. In this way, Chinese builders may be brought in to erect housing within [the Russian government's] programs," Medvedev said at the meeting Thursday, Interfax reported.

The Moscow city government has already set out its own plans to that end: Chinese construction companies are expected to build a new line of the Moscow metro and up to 2 million square meters of real estate in the next few years, according to an agreement signed by Deputy Mayor Marat Khusnullin, the China Railway Construction Corporation and the China International Fund in Shanghai in May.

Medvedev added that bringing in Chinese construction companies "will encourage better competition" on the Russian construction market.

"But that said, we must of course help and enable the development of our builders," the prime minister added.

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