(Euronews) Russian President Vladmir Putin has held talks with Chinese ____ which are aimed to boost trade.

China has _____ a document supporting Russia's bid to become a member of the World _____ Organisation.

Ties between the two countries are based mostly on Russia's ______ and raw material supplies to China.

Trade between Russia and China has grown steadily since the late 1980s and Putin _____ it to grow dramatically over the next few years.

China, the world's seventh-largest economy, is scouring the world to secure more crude oil after record imports this year.

However, a plan by the oil giant Yukos to lay a pipeline to _____ up to 30 million tonnes of oil a year to China stalled after Putin said he would prefer it to run to Russia's Pacific coast.

Putin has made no mention of another project to run a gas pipeline to China from Siberia which was stalled after the gas giant Gazprom muscled in on the deal, however Gazprom and the Chinese oil company CNPC are expected to sign a _______ deal during Putin's visit.

This year's oil price surge will not be a replay of the oil shocks of the 1970s and 1980s that sent the United States into a series of recessions, Federal Reserve Chairman Alan Greenspan said Friday.

Greenspan delivered a generally upbeat assessment of the economy's ability to withstand this year's spike in oil prices.

Greenspan spoke on a day when crude oil prices climbed further into record territory with the price in New York trading hitting $54.93, up 17 cents from Thursday's record close.

He said that even at the current levels, crude oil prices are still about 40 percent below the all-time highs — in inflation-adjusted terms — of February 1981.

Greenspan predicted the global economy will adjust to the recent surge in prices by boosting energy exploration and production and by increasing fuel efficiency.

"We and the rest of the world doubtless will have to live with the uncertainties of the oil markets for some time to come," he said.

Greenspan said this year's rise in oil prices, which currently stand 80 percent higher than 12 months ago, had the effect of imposing a tax on U.S. consumers equivalent to 0.75 percent of the country's total economic output, or about $80 billion.