Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
Chinese President Xi Jinping met with Russian Prime Minister Mikhail Mishustin in Beijing on Tuesday, affirming China’s commitment to expand mutual investment and deepen ties with Russia. This meeting comes as Moscow navigates extensive Western sanctions following its war in Ukraine and seeks to address a recent deceleration in trade with its eastern neighbor.
Strengthening Bilateral Ties Amid Global Turbulence
According to Chinese state media, President Xi told Mishustin that China-Russia relations have maintained a trajectory towards “higher-level and higher-quality development,” advancing steadily despite a “turbulent external environment.” He emphasized that safeguarding, consolidating, and developing these relations represents a strategic choice for both nations.
The meeting at the Great Hall of the People followed discussions between Chinese Premier Li Qiang and Mishustin in Hangzhou the previous day. Premier Li had also expressed China’s desire to strengthen cooperation with Russia and defend shared security interests.
Economic Cooperation and Challenges
President Xi highlighted several industries for expanded cooperation, including energy, agriculture, aerospace, the digital economy, and green development, aiming to foster new engines of growth. Prime Minister Mishustin, according to Russia’s TASS news agency, underscored the importance of creating favorable conditions for attracting mutual investment and supporting joint projects.
The two countries forged a “no-limits” partnership in February 2022, shortly before Russia’s full-scale invasion of Ukraine. Since then, Russia has increasingly relied on China to mitigate the impact of Western sanctions, leading to record trade volumes, increased settlements in yuan, and deeper energy cooperation.
However, bilateral commerce has experienced a decline in recent months, partially attributed to mounting U.S. pressure on China regarding trade and technology. Reuters previously reported that Chinese state oil majors suspended purchases of seaborne Russian oil following U.S. sanctions targeting Rosneft and Lukoil.
Geopolitical Alignment
In a joint communique published on the Russian government website, both nations agreed to strengthen cooperation across all sectors and to respond appropriately to external challenges. The communique also saw Russia reaffirm its adherence to the “one-China” principle and its opposition to “Taiwan independence.”
This statement reinforces Beijing’s long-standing claim over democratically-ruled Taiwan, which Taiwan’s government rejects, asserting that only its people can determine their future.
Outlook on Strategic Partnership
The discussions underscore the strategic imperative for both China and Russia to deepen their economic and political ties. This ongoing partnership aims to navigate a complex global landscape marked by geopolitical tensions and economic pressures, reinforcing their shared vision for a multipolar world order.
