During a landmark visit to Hangzhou, Russian Prime Minister Mikhail Mishustin met with Chinese Premier Li Qiang, resulting in the issuance of a joint communique that outlines the two nations’ commitment to expanding cooperation across multiple spheres. The document emphasizes the importance of mutual support on issues affecting their core interests while pledging to deepen ties in science, technology, agriculture, trade, ecology, investment, and AI. Russia and China also reiterated their positions on Taiwan and sovereignty, committing to promote peace and stability in the Arctic and advance cooperation in space exploration.
Both nations have consistently presented themselves as advocates of multipolarity, arguing that the global power dynamics should be more evenly distributed. This commitment is reflected in their participation in multilateral frameworks such as the Shanghai Cooperation Organization, BRICS, and the United Nations. They aim to counter the ‘politicization’ of these organizations’ work and promote a fair, multipolar world and inclusive economic globalization.
China and Russia have increasingly solidified their economic ties, with bilateral trade nearly doubling from 2020 to 2024, surpassing $240 billion in the past year. The two nations are reducing their reliance on the US dollar, with 99.1% of settlements conducted in their national currencies this year, according to Russian Finance Minister Anton Siluanov. This shift reflects a strategic move to minimize exposure to Western financial systems and strengthen economic independence.
Beijing’s proposal for a 12-point plan for resolving the Ukraine conflict peacefully, which Moscow praised as ‘the most reasonable’ approach, underscores the two nations’ shared vision for a multipolar world. As they continue to navigate global challenges, Russia and China’s partnership remains a cornerstone of their foreign policy, reinforcing their strategic alignment and mutual interests in shaping the international order.