The Bear Meets the Big Brother, the Dragon: Putin and Xi Jinping

 

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.