Chinese President Xi Jinping proposed here Thursday to construct an economic corridor linking China, Mongolia and Russia.

Xi put forward the proposal at a meeting with Russian President Vladimir Putin and Mongolian President Tsakhiagiin Elbegdorj on the sidelines of the 14th summit of the Shanghai Cooperation Organization (SCO).

Highlighting that the development strategies of the three neighboring countries are highly compatible, Xi noted that both Russia and Mongolia have positively responded to China's vision on building an economic belt along the Silk Road.

The Silk Road Economic Belt initiative, proposed by Xi during his visit to Central Asia last year, eyes a revival of the ancient trade route linking China with Central Asia and Europe.

The three countries, Xi pointed out, can dovetail the Silk Road Economic Belt initiative with Russia's transcontinental rail plan and Mongolia's Prairie Road program, and jointly build a China-Mongolia-Russia economic corridor.

On building the corridor, Xi called on the three sides to strengthen traffic interconnectivity, facilitate cargo clearance and transportation, and study the feasibility of building a transnational power grid.

As part of the initiative, Xi also suggested that the three countries beef up cooperation in such areas as tourism, think tank, media, environmental protection, and disaster prevention and relief.

The three countries should deepen cooperation within the framework of the SCO, jointly safeguard regional security, and achieve common development, said the Chinese leader.

Founded in Shanghai in 2001, the SCO groups China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan.

On international cooperation, Xi noted that the three countries need to jointly safeguard the basic norms governing international relations, advocate the new security concept of mutual trust, mutual benefit, equality and collaboration, and jointly promote the political resolution of international disputes and hot issues.

China supports Mongolia's participation in regional affairs, said Xi, inviting Mongolia to participate in the activities China and Russia plan to hold next year to commemorate the 70th anniversary of the victories of the World Anti-Fascist War and the Chinese People's War of Resistance Against Japanese Aggression, as well as the 70th anniversary of the founding of the United Nations.

Noting that the three countries are good neighbors and partners, Xi said the trilateral summit is of great significance to deepening mutual trust, promoting win-win cooperation among the three parties, and pushing forward regional cooperation in Northeast Asia.

He also voiced the belief that the trilateral summit will lay a firm foundation for the development of a closer trilateral relationship.

For his part, Putin said the three countries should enhance exchanges, dialogue and coordination.

China's Silk Road Economic Belt initiative offers important opportunities for trilateral cooperation, the Russian president said, calling on the three sides to combine their development plans and establish a long-term and stable cooperative relationship in the areas of energy, mining and transportation infrastructure construction.

He also called on the three nations, all champions of multipolarization, to make joint efforts in safeguarding regional security and stability.

Meanwhile, the Mongolian president said his country attaches strategic importance to developing closer good-neighborly friendship and cooperation with China and Russia.

Noting that Xi's and Putin's recent visits to Mongolia have advanced Mongolia's ties with China and Russia, Elbegdorj said his country is willing to enhance cooperation with the two countries, especially in the fields of transportation infrastructure interconnectivity and cross-border transportation.

Mongolia is keen on strengthening cooperation with such mechanisms as the Asia-Pacific Economic Cooperation, and participating in regional affairs, said Elbegdorj.

During the meeting, the three leaders also decided to establish a consultation mechanism at the vice foreign ministerial level to coordinate and promote trilateral cooperation.

They also agreed to hold more trilateral summits in the future if need be.

(Xinhua News Agency September 11, 2014)