President Vladimir Putin’s recent visit to China wasn’t routine. The occasion of the 25th anniversary of the Treaty of Good-Neighbourliness and Friendly Cooperation between the two nations was appropriate. President Xi Jinping and President Putin ushered in a new phase in their countries’ relations, reiterating the friendship treaty and pledging to build a new, fairer, and more equitable international order. Another inequality and interdependence of political economy is emerging under the pretense of a strategic partnership.
China and Russia’s relationship have undergone tremendous changes over the past 30 years. The work on reconciliation after the Cold War has evolved into a comprehensive strategic partnership, with broad cooperation across trade, energy, investments, technology, transportation, and security. Both leaders emphasised equality, mutual respect, and win-win cooperation. But the modern international setting has shifted the balance of this partnership considerably.
Since the Ukraine crisis, Western sanctions against Russia have spurred the Russian economic turnaround towards Asia, namely China. China was the only economic partner of Russia, as Russia’s markets, technologies, and financial systems were severed. The figures tell a story that is worth a thousand words. In 2025, bilateral trade for the third year in a row surpassed $200 billion, and China has been Russia’s biggest trading partner for 16 years in a row. From a political economy viewpoint, the relationship shows an increasing imbalance. China has the second-largest economy in the world, a well-developed manufacturing foundation, well-developed technological sectors, and huge access to global markets. Despite the strength of the Russian military and its significant natural resources, the Russian government is increasingly dependent on commodity exports, especially energy, to sustain the economy. European markets cut ties to Russian energy supplies, and China became a key customer for Russian oil, gas, and other raw materials.
Russia is looking to China to help balance the impact of Western sanctions, maintain export revenue, and stay plugged into technology and investment. China, however, has the opportunity to secure inexpensive energy, improve access to Arctic shipping routes, and gain a formidable ally to help it rival Western powers in Eurasia. The partnership is thus complementary but not at the same level.
The China-Russia friendship treaty reflects both the countries’ interest in institutionalising their cooperation and the uncertainty in the world. Bilateral relations have entered a new stage of greater achievements and faster development. China’s confidence in the sustainability of the partnership is reflected in Xi Jinping’s characterisation of the bilateral relationship. This relationship is still based on trade and energy. But the agenda is no longer limited to this; it has expanded to include scientific innovation, digital technologies, infrastructure development, transportation connectivity, and financial cooperation. The two leaders noted the creation of new growth zones and new cooperation in emerging technologies.
Local currencies are also being adopted in bilateral trade as another step to reduce dependence on the U.S. dollar and Western financial systems. It is consistent with the overall trend of Chinese and Russian intentions to establish a multipolar economic system. Both nations are keen to see reform in international institutions, such as BRICS and the Shanghai Cooperation Organisation, which would give greater weight to emerging powers and reduce the influence of Western institutions.
This story is no less appealing. Many developing countries are seeking a more participatory global governance system that takes into account the realities of the New Economy rather than the post-World War II Power System. China and Russia have been making moves contrary to bloc politics and ideology, becoming proponents of such reform and offering their cooperation as an alternative.
But Beijing and Moscow’s multipolar world vision is far from being without its paradoxes. Both countries respect the noble ideals of equality of states and non-interference. But others have had a different idea of international order – one that is more state-centric than one grounded in universal principles and democratic accountability. Moreover, as their relationship becomes increasingly dependent, a multipolar situation is possible given Russia’s growing economic reliance on China.
One of the key elements of the Putin visit was also people-to-people contacts. The China-Russia Years of Education; expanded cooperation in culture, tourism, sports, and academic exchanges; China’s decision to extend visa-free travel for Russian citizens until the end of 2027; all this is a testament to the strengthening of societal foundations for long-term cooperation. Such efforts aim to make strategic alignment more than just a government policy—they are designed to make strategic alignment part of public consciousness.
Western countries and China are not the only partners that help China strategically maintain its balance in the face of Western influence and stability on its northern borders; Russia also plays an equally critical role. Russia has now found itself an economic lifeline and an important political partner in China’s arms, in a world where it is isolated. The mutual dependence of the two parts of this relationship explains the immense strength of bilateral relations in an ever-influenced world.
Putin’s trip to China is a sign of a new political economy of strategic dependence. The partnership is not a typical alliance and does not involve a dominant-subordinate relationship. It is no ordinary victim of an evolving economy, however, but a carefully designed joint venture, one in which both sides are benefiting greatly and in which many of the economic talents are in danger.
China-Russia cooperation will continue to play a very important role in international politics, economics, and governance in a world of great change in the international system. What its possible effects on the international order are not yet known; will it help create a more balanced international order, or will it just be a power shift? The fact is that, despite no one knowing exactly what they are up to, both countries see their partnership as a long-term project to shape the future course of the world order.
With growing international geopolitical, economic, and institutional changes, the China-Russia relationship is accelerating the transformation and encountering new challenges and opportunities. This strategic dependence could become a de facto characteristic of future international relations, and the phrase ‘political economy of strategic dependence’ may become one of the words of the future.
The writer is Zijiang Visiting Scholar, the Academy of History and Documentation of Socialism, East China Normal University (ECNU), Shanghai, China. Email: [email protected]
