"Financial cooperation between China and Russia does not target any third party," says an editorial of the publication, issued in connection with media reports saying the G7 plans to send a "tough new warning" to Chinese banks over their ties with Russia, TASS reported.

The article highlights that China has "the confidence, conditions and capabilities to ensure national financial and economic security." The authors note that China has joined forces with developing countries to build relevant infrastructure.

According to them, such cooperation is not only an attempt to ensure long-term economic security, but also takes measures that are "of practical significance to counter the US' financial hegemony."

"Cooperation between China and Russia in the financial field, as well as the rapid development of financial cooperation among developing countries, is a positive asset for the continuous advance of the global financial system amid uncertainties, and will continue to bring new vitality to the world economy," the authors added.

Reuters reported earlier, citing sources, that the G7 countries at the summit in Italy on June 13-15 intend to issue a warning to small Chinese banks because of their ties with Russia. According to the agency, no announcements of any restrictive measures against Chinese financial institutions are expected at the event.