An Alliance Between Unequal Powers: Xi Jinping and Vladimir
Putin
Victor Ângelo
Op-ed published in Diário de Notícias on 22/05/2026
When Xi Jinping and Vladimir Putin meet—as happened once
again this week—we witness a highly choreographed geopolitical display, rich in
symbolism. They speak of a multipolar world and toast to a ‘new era’ and a ‘no
limits’ partnership—the celebrated expression coined during their February 2022
meeting, just days before the launch of Russia’s inadmissible war of aggression
against Ukraine. The messages they seek to send to the rest of the planet,
particularly to Europe, are highly explicit, and they were repeated this week.
First, that China and Russia are bound by an unbreakable alliance,
indispensable for constructing the new world order they deem necessary. Second,
they intend for this order to differ from the one established in recent decades
by the Western world, especially since the era of the Reagan-Thatcher tandem
and the period following the end of the Cold War. We are clearly facing a
Sino-Russian project to reorder international relations in their own fashion.
It is, however, a flawed partnership, an unequal
relationship—from an economic perspective, for instance. China is undisputedly
the centre of gravity and the primary axis of its neighbour’s economy. It now
accounts for between 40% and 45% of Russian imports. This is an overwhelming
dependency. Conversely, barely more than 4% of China’s foreign trade is
conducted with Russia, according to Bloomberg data. This is an insignificant
percentage when compared to the volume of trade between China and other economies,
be they the US, the EU, or ASEAN. Furthermore, the Chinese currency, the yuan,
is the predominant tender in Moscow’s financial market. The yuan has virtually
replaced the majority of transactions previously executed in US dollars, with
the remainder settled in roubles.
Political inequality compounds this economic disparity. This
is the most significant dimension of the asymmetry between the two countries. A
tacit hierarchy exists that places the Chinese president at the top. One might
say that Xi envisions, proposes, and makes things happen. Putin follows when he
can, provided he sees that it does not jeopardise his domestic political image,
where he still dictates the law.
Xi Jinping intends to be the architect of the new
international structure, built with calmness, firmness, and time. He plays
without unnecessary haste. He is entirely convinced that, before long, his
country will be a rival on an equal footing with the US, and that global
challenges will place China at the heart of multilateral responses.
Vladimir Putin, for his part, mistook pompous parades for
military capability. He ended up bogged down in an intensely draining war,
which he made the blunder of initiating with utter disregard for international
law and with armed forces that recall the highly doubtful legend of Potemkin
villages. Putin continues to believe he is a strategic giant, when in reality
Ukraine is laying bare his feet of clay. Putin is likewise a stain on Xi
Jinping’s international reputation. Xi finds himself forced to defend him in
various political arenas, even though he knows this entails reputational costs
for his regime, which wishes to be seen as the champion of peace and
multilateral cooperation.
Xi’s strategic objectives are essentially twofold. On the
one hand, to ensure Chinese dominance in the region defined by the Pacific and
Indian Oceans. On the other, to gain the lead regarding the technologies that
are shaping the twenty-first century. Achieving this requires time, and it
requires China’s main rival powers to remain distracted by other matters.
This is where Putin’s political blunders prove to be of
immeasurable value to China. Though it is seldom considered, the endless war in
Ukraine keeps a significant portion of the strategic capabilities, military
resources, and diplomatic attention of China’s main rivals far removed from
potential criticism and measures against Chinese domestic and foreign policy.
Every crisis meeting at NATO headquarters or in EU capitals represents a
tactical distraction for Washington and creates rifts between Europe and the
US. All of this allows President Xi to continue the process of economically and
politically subordinating Russia, while modernising the People’s Liberation
Army and shielding China’s economy against potential Western sanctions. Putin
is thus an excellent political distraction.
Xi’s greatest anxiety regarding Russia concerns the martial
philosophy that continues to prevail in the Kremlin. When Moscow hinted that it
might use tactical nuclear weapons in Ukraine, it was Beijing—and not just
Washington—that also silently but firmly drew a red line before Putin’s
intentions. Xi needs a prolonged and draining conflict that bleeds the West,
but he cannot afford to permit or promote an apocalyptic escalation that would
destroy the global order upon which China’s rise depends.
Consequently, Xi’s support for Russia has strict, albeit
undeclared, limits. That is the reality, despite public assertions. China buys
Russian oil and gas at a discount, in yuan, and within limits—there was no
agreement on the new trans-Siberian pipeline, which deeply disappointed the
delegation from Moscow. And it supplies Moscow with ‘dual-use’ goods, including
military-applicable items like microchips and drone components. It does so
discreetly, but in vast quantities. It denies, however, any accusation of
direct lethal military aid. Why? To avoid secondary Western sanctions against
its economy, which relies heavily on foreign trade. The ‘architect’ knows that
a direct confrontation with the West at this juncture would derail his
ambitions and imperil the authority of the Chinese Communist Party.
The essential thing is to understand the true nature of the
relationship between Xi Jinping and Vladimir Putin and to respond to the
serious risks it poses. Note the various agreements signed during this
visit—for example, in the fields of atomic energy, space, and AI. These matters
do not allow for simplistic analysis. China and Russia do not represent the
same type of challenge. Yet, despite the asymmetries, a dangerous strategic
convergence exists between both regimes.