Razumkov Centre: Economic aspects of the visit [of Xi’s visit to Moscow]

2023-03-27 | Expert publications, Geopolitical analysis

By Vasyl Yurchyshyn.

Of course, the Russian visit of the Chinese leader was mainly connected with the possible expansion of military support for the aggressor. However, there are reasons to claim that the economic factor played a no less important role in the development of political and diplomatic processes.

The Joint Statement of the two leaders on deepening comprehensive strategic partnership to jointly shape a new era, on the one hand, confirmed the ambitions of both countries in uniting the Global South to counter the Collective West. On the other hand, it showed China’s concern in creating a wider circle (around BRICS or the SCO) of “partners” for successive displacement of liberal-democratic principles from the foundations of the new era (as seen by autocratic states). China’s economic success and economic strength are of great importance for the attainment of these two strategic goals.

The past three years were not very successful for the country. At the end of last year, China parted with its “zero COVID” policy and badly needs new economic achievements. Now, the country faces economic challenges caused by the Russian aggression and the risk of sanctions, which will be much more painful than the benefits of cheap trade with Russia.

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