MOSCOW -- There exists a great prospect for China and Russia to promote mutual investment, a visiting Chinese official said Wednesday.

Zhang Guobao, vice-chairman of Economic Affairs Committee of the Chinese People's Political Consultative Conference, made the remarks while addressing the First Moscow International Foreign Investment Forum, which kicked off Wednesday.

China and Russia complement each other in their economies to a great extent and the two giant neighbors have great potential to promote mutual investment, he said.

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Many Chinese enterprises would come to invest and build their businesses in Russia if the country, which has completed accession to the World Trade Organization, could improve investment environment, relax investment restrictions and perfect laws and regulations, Zhang said.

Meanwhile, the Chinese government has approved a bilateral regional cooperation fund, paving the way for further exchanges and cooperation between the two sides, said the official.

Since the beginning of its economic reform over 30 years ago, China has gained rich and useful experience in utilizing foreign investment, Zhang said.

Fostering a favorable investment environment, promoting efficient administrative processes and enhancing infrastructure conditions were among the key factors behind its success to attract investors, according to the official.

China was aware of the Russian government's efforts to improve its business environment, and believed more measures could be taken to build an investment-friendly environment, he added.

The two-day Moscow forum saw the attendance of hundreds of government officials and businessmen from around the world.