Xi Jinping doubles down on his Putin bet

China’s leader Xi Jinping has in recent months tried to put public distance between Beijing and Moscow as Russia has suffered defeats in its war on Ukraine.

Behind the diplomatic appearances, however, Mr Xi is deepening his long-term bet on Russia, The Wall Street Journal reports.

In recent weeks, he has instructed his government to forge stronger economic ties with Russia, according to policy advisers to Beijing, building on a trade relationship that has strengthened this year and become a lifeline to Moscow in the face of Western pressure.

The plan includes increasing Chinese imports of Russian oil, gas and farm goods, more joint energy partnerships in the Arctic and increased Chinese investment in Russian infrastructure, such as railways and ports, the advisers say.

Russia and China are also conducting more financial transactions in the ruble and yuan, rather than the euro or dollar, a move that helps insulate the two against future sanctions and put the Chinese currency into wider circulation.

The tightening ties are the latest twist in the bilateral relationship, which intensified just before the Russian invasion when a joint declaration asserted there were “no limits” to the partnership. After appearing to have second thoughts about aligning itself so closely with Moscow, China has since moved to cement their cooperation.

“Xi has been strengthening China’s relations with Russia largely independent of the Russian invasion,” said Yun Sun, director of the China program at the Stimson Center, a Washington think tank. “The relationship may well be becoming ever closer.”

In a written statement, China’s Foreign Ministry said “China and Russia are comprehensive strategic cooperative partners of each other. The development of bilateral relations is based on the principles of non-alliance, non-confrontation and non-targeting of third parties.”

The Kremlin’s press service didn’t respond to a request for comment.

China’s partnership with Russia has helped to shelter Moscow from the economic fallout of the Western sanctions, enabling leader Vladimir Putin to sustain his war. It is also furthering a global divide, discouraging many developing countries reliant on China for trade from taking sides in the conflict.

Russia and China have long sought to dull the US’s influence in the world, a shared objective that has come into sharper focus in recent years as the two nations have grown confident they can reshape an international order that both view as biased in favour of the West and its allies.

Mr Xi’s longstanding admiration for Russia and Mr Putin has fortified his quest to enhance ties with China’s northern neighbour. The 69-year-old Chinese leader is expected to visit Moscow next year, likely after China’s legislative sessions in March, Russia’s ambassador to Beijing, Igor Morgulov, recently told reporters. The visit, if it occurs, will mark the two leaders’ 40th face-to-face meeting.

China’s Foreign Ministry said Beijing and Moscow “will continue to carry out exchanges at all levels”.