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China and the US are locked in competition over trade and over military and diplomatic influence in the region.
The Chinese Premier was attending the 10th Asia-Europe Meeting (ASEM) that concluded on Friday.
Australia has placed great premium on closer ties with China and India over the last few years.
Renzi described the deals as “antipasto” to more cooperation with Beijing in the future.
Chinese Premier Li Keqiang and his Russian counterpart Medvedev have witnessed the signing of about 40 agreements.
Russian sanctions-hit banks have signed agreements with China's Exim bank to open credit lines.
Trade surplus in September more than doubled from last year to $31 billion, compared with $49.8 billion seen in August.
Li's visit is expected to boost political trust between Beijing and Moscow and strengthen their support for each other on global issues.
Officials are preparing for the annual Russia-China Heads of Government meet on 13th October.
Sino-US ties have long been dogged by accusations of cyber espionage.
