Prime Minister S. Batbold met with Zhou Yongkang, a high-ranking Chinese Communist Party official, on Wednesday. Zhou Yongkang stated that both China and Mongolia respect each others’ independence and territorial wholeness, and that China stands ready to help Mongolia develop economically. He noted that China is interested in cooperating in mining, and in building an oil-refining facility, as well as assisting Mongolia in developing its transportation and agriculture sectors. Both side signed an agreement on the oil-refining facility, under which China is to loan Mongolia 40 million Yuan.