The Close Alliance Between China and Russia - Shaping a New World Order Amidst a Shifting International Landscape

On May 14, Russian Prime Minister Mishustin visited Beijing, China, and held talks with Chinese President Xi Jinping. This meeting, held ahead of the 75th anniversary of China-Russia diplomatic relations next year, demonstrated both countries' commitment to further developing their strategic partnership.

During the meeting, President Xi emphasized the promotion of trade, stating that "the annual trade target of $200 billion set jointly with President Putin was already achieved last month." This signifies that the actual level of bilateral trade reached the target a year earlier than expected. In response, President Xi urged that "the 75th anniversary of diplomatic relations next year should be a new starting point, and we should continue to expand the synergy effects brought about by close political cooperation between the two countries."

Meanwhile, Prime Minister Mishustin explained that the scale of over 80 joint projects between the two countries amounts to approximately 32 trillion yen. Notably, he highlighted that over 90% of these projects are settled in CNY and RUB, not USD. This reveals their intention to establish a financial system unique to China and Russia, moving away from the dollar-centric international financial order.

Since Russia's invasion of Ukraine, China and Russia have been closely cooperating politically and economically in a joint effort to counter US influence. This is interpreted as an attempt to reshape the existing international order and establish a new global power structure led by China.

Although not traditional allies, both countries are pursuing major power status, and their mutual interests are aligning, leading to a strong partnership. However, the prolonged Ukraine war and the economic risks associated with Western sanctions against Russia suggest that their future cooperation may not be entirely smooth.