Russia-China partnership 'yielding results', Putin says

MOSCOW

Russian President Vladimir Putin, left, and Chinese Premier Li Qiang shake hands during their meeting at the Kremlin in Moscow, Russia, Wednesday, Aug. 21, 2024.

President Vladimir Putin announced on Wednesday that Russia's economic and trade relations with China are producing positive outcomes, as he greeted Chinese Premier Li Qiang at the Kremlin.

Since the onset of the Ukraine conflict, Moscow has relied on Beijing as an economic lifeline, strengthening trade ties to unprecedented levels amidst heavy Western sanctions.

"Our trade relations are developing successfully... The attention that the two governments on both sides are paying to trade and economic ties is yielding results," Putin remarked during his meeting with Premier Li.

He further noted that both nations have devised extensive plans and projects in the economic and humanitarian spheres, anticipating long-term benefits.

In response, Li emphasized that "Chinese-Russian relations are at an unprecedentedly high level," according to the Kremlin's translation of his remarks. He credited President Putin and Chinese leader Xi Jinping with creating a "strong impulse for further deepening of bilateral relations."

In a separate discussion with Li, Russian Prime Minister Mikhail Mishustin praised the partnership between the two countries as a stabilizing force amid the evolving global order.

"Our partnership and strategic cooperation is especially important in a situation where new contours of the global order are being formed," Mishustin stated.

"And in these conditions, the Russia-China link is a powerful stabilizing factor, promoting economic growth in both countries and increasing quality of life for our citizens."

Chinese state media, Xinhua, reported that both sides agreed to optimize trade structures, increase bilateral trade volume, and foster the development of e-commerce, according to a joint communique. Additionally, efforts will be made "to expand mutually beneficial cooperation in the Arctic" and enhance bilateral agricultural trade.

Moscow and Beijing share a common stance against "Western hegemony," particularly critiquing U.S. dominance in global affairs. Mishustin stressed the importance of focusing efforts on protecting shared interests. Xinhua noted that both countries criticized nations that utilize the "so-called 'rules-based order'" to uphold their own privileges and impede the collective rise of emerging markets and developing countries.

As Russia faces Western sanctions, it has moved towards using non-Western currencies for trade. "Today the share of the ruble and the yuan in mutual settlements is already over 95 percent," Mishustin reported.

While China maintains a position of neutrality in Russia's military actions in Ukraine, asserting it does not provide lethal assistance—contrary to the support provided by the U.S. and other Western nations—it remains a close political and economic ally of Russia. NATO members have described Beijing as a "decisive enabler" of the conflict, which it has not condemned. Meanwhile, China benefits from inexpensive Russian energy imports and access to broad natural resources, including consistent gas deliveries via the Power of Siberia pipeline.

Li's visit occurs alongside Indian Prime Minister Narendra Modi's visit to Poland. Modi, who is expected to make his first visit to Ukraine at the week's end, represents China’s regional competitor. Despite India's close ties with Russia, Modi has repeatedly advocated for an end to the conflict.