The Russian and Chinese economies complement each other while Moscow and Beijing share common approaches and values, Russian President Vladimir Putin told a forum in the country's far eastern city of Vladivostok on Friday.

The assessment came as he said Russia would reciprocate the decision of Chinese authorities to introduce visa-free travel for its citizens and that the two countries were discussing mutual systems of payments.

China has said it would extend visa-free travel to ordinary passport holders from Russia on a trial basis. The visa exemption would be for a period of a year from September 15, with entry to China of no more than 30 days.

Putin also said the planned Power of Siberia 2 gas pipeline to China was a "mutually beneficial project" and the price of the gas would be based on a market formula similar to the one used for supplies to Europe.

Russia proposed the route years ago, but the plan has gained urgency as it looks to Beijing as a customer to replace Europe, which is seeking to wean itself off Russian energy supplies over the ongoing conflict with Ukraine.

Russia and China signed a binding memorandum to build the pipeline during Putin's visit to China this week, but Russian energy company Gazprom, which aims to start delivering gas via the pipeline by 2030, said pricing was yet to be agreed.

"This is one of the largest energy projects in the world," said Putin in Vladivostok.

He said the price would "be calculated using essentially the same formula as for deliveries to Europe ... It is absolutely market-based."

Russia has lost most of its gas market in Europe since the start of the war in Ukraine. (Reuters)