MOSCOW, March 4 (Xinhua) -- Cooperation between China and Russia is on the fast track and the two countries will expand bilateral ties in various fields, Chinese Ambassador to Russia Li Hui said Monday.

"China-Russia cooperation in the spheres of trade and economy, energy, scientific and technical innovation, finance and investment, as well as agriculture and infrastructure construction are moving along a 'high-speed highway,'" Li told Russia's Nezavisimaya Gazeta (Independent Newspaper).

Both countries have accelerated the pace of building up their potentials and improving the well-being of their peoples by promoting strategic interaction adhering to the spirit of efficiency and practicality, Li said.

He noted that the two presidents have nurtured good working relations and a strong friendship in recent years through reciprocal visits and meetings, which helped to enhance bilateral ties and promote cooperation.

The ambassador said the China-Russia trade volume reached 107.06 billion U.S. dollars in 2018, and Russia ranked first among China's 10 largest trading partners in terms of turnover growth.

Currently, China and Russia are working to find new points of contact in such fields as digital economy, high technology and the development of the Far Eastern region and the Arctic, Li said.

The year 2019 marks the 70th anniversary of the establishment of China-Russia diplomatic relations, which, according to the ambassador, will be the main event in bilateral relations this year.

To commemorate this occasion, the two countries will organize a number of events that will further boost bilateral cooperation, he added.

"I am confident that this year, China-Russia relations will gain new momentum for development," Li said.