Trade tension heightens as China and Russia collectively assert their stance against escalating tariffs imposed by the Trump administration, strengthening their economic bond amidst a heated global trade dispute.
Fresh Spin:
In a bid to preserve the harmony of global multi-lateral trade and supply networks, President Xi Jinping announced China's intention to collaborate closely with Russia. This announcement was made during a meeting with Vladimir Putin at the Kremlin on Thursday.
Xi declared, "We, China, are ready to team up with Russia to bear the weight of the responsibilities bestowed upon us by the times and preserve the stability and robust functioning of the global multi-lateral trade system, industrial chains, and supply chains."
Amidst the escalating trade feud instigated by former US President Donald Trump, China and Russia appear to strengthen their strategic economic partnership. This partnership reflects their shared resolve to stand firm against unilateralist tendencies, power politics, and bullying on the international stage.
Following their discussion, Putin stated that the economic ties between the two nations have deepened, partly due to payment settlements conducted in their respective national currencies.
China-Russia trade is characterized by an asymmetrical exchange, with Russia predominantly exporting raw materials to China, in return for high-value manufactured goods. This trade imbalance, though structurally unequal, is crucial for both nations, with China ensuring access to discounted energy resources and expanding its economic footprint, while Russia benefits from a vital market for its energy and industrial goods.
In the face of ongoing challenges such as the war in Ukraine, sanctions, and declining demand for Chinese goods like cars and electronics in Russia, both nations are seeking to diversify their economic ties. Sectors like agriculture, manufacturing, high-tech, digital infrastructure, and green technologies are under renewed focus.
Energy trade dynamics also play a significant role in the partnership, with China planning to increase LNG imports from Russia. However, plans such as Power of Siberia-2 face financial and political obstacles. China also vetoed a Russian proposal to utilize Kazakhstan’s pipelines to route gas exports, citing financial infeasibility, advocating for projects aligning more closely with its economic strategy instead.
The China-Russia collaboration serves as a counterweight to US-led economic policies and trade restrictions. By fortifying their bilateral trade and investing in multi-sector cooperation, both nations aim to reshape global supply chains, making them less susceptible to unilateral US trade actions and reconfiguring them towards more diversified, politically aligned networks.
- As a response to the increasing influence of power politics and unilateralist tendencies in global policy-and-legislation, China and Russia are working together to reshape multi-lateral trade systems.
- During a meeting between President Xi Jinping and Vladimir Putin at the Kremlin, it was announced that China intends to collaborate closely with Russia to preserve the stability and robust functioning of global supply chains.
- Amidst the ongoing challenges of war-and-conflicts, sanctions, and declining demand, China and Russia are seeking to diversify their economic ties, focusing on sectors like agriculture, manufacturing, high-tech, digital infrastructure, and green technologies.
- The partnership between China and Russia is evident in their deepened economic ties, with payment settlements conducted in their respective national currencies and China planning to increase LNG imports from Russia.
- This strategic economic partnership between China and Russia reflects their shared resolve to stand firm against bullying and unilateralist tendencies on the international stage, offering a counterbalance to US-led economic policies.
- General-news outlets are closely monitoring the China-Russia collaboration, as it has the potential to reshape global supply chains, making them less dependent on US trade actions and more aligned with politically favored networks.
