MOSCOW -- China and Russia have signed 27 trade contracts worth $15 billion, Chinese Vice Premier Li Keqiang said on Saturday.

Li attended the signing ceremony of the contracts before a meeting on China-Russia trade and investment.

Addressing the meeting, Li proposed that both China and Russia endeavor together to further promote their trade and economic cooperation.

The two countries could expand their cooperation in various fields, including finance, direct investment, energy, mechanical and electronic products, he said.

Russian First Deputy Prime Minister Igor Shuvalov also attended the meeting.

China is the top trade partner of Russia. Bilateral trade volume reached $79.25 billion in 2011, up 42.7 percent year-on-year.