Xi Jinping seeks closer China-Russia investment ties amid Western sanctions

Chinese President Xi Jinping has pledged to boost mutual investment and deepen economic cooperation with Russia, as Moscow faces growing Western sanctions and trade pressure.

Speaking in Beijing on Tuesday during talks with Russian Prime Minister Mikhail Mishustin, Xi said China and Russia would continue strengthening ties despite a “turbulent external environment”, according to state broadcaster CCTV.

The meeting took place at the Great Hall of the People, a day after Chinese Premier Li Qiang also met Mishustin in Hangzhou and voiced support for enhanced cooperation and joint security efforts.

Xi said safeguarding and advancing the China-Russia relationship was a “strategic choice for both sides” and pointed to potential growth in sectors such as energy, agriculture, aerospace, the digital economy and green development.

Mishustin called for continued efforts to support joint investment projects, according to Russia’s TASS news agency.

The talks come as Russia seeks to stabilise economic ties with its main strategic partner following a decline in bilateral trade. China, which had been a key buyer of Russian oil, saw state firms pause seaborne purchases last month due to U.S. sanctions on major Russian producers Rosneft and Lukoil, Reuters reported.

Trade between the two countries reached a record $240 billion in 2023, but has slowed in recent months amid U.S. pressure on China over its commercial and technological links with Moscow.

In a joint communique published on Tuesday, China and Russia vowed to “respond appropriately to external challenges” and reinforce cooperation “in all spheres”.

Russia also reaffirmed its support for the “one-China” policy and its opposition to “Taiwan independence”, aligning with Beijing’s long-standing position. Taiwan’s government has rejected China’s sovereignty claim, asserting that the island’s future must be decided by its people.

Xi and Russian President Vladimir Putin declared a “no-limits” partnership in February 2022, shortly before Moscow launched its full-scale invasion of Ukraine. Since then, Beijing has become a key economic lifeline for Russia, with increased yuan-based settlements and deepening energy ties.

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