The existing world order, based on rules, established by the USA and their allies, is obviously going through a period of stagnation and decline, both in economic terms and socio-cultural and political terms. In these conditions there is a growing realization of a need to change the global order model and to search for new principles and value guidelines for the global majority. Considering the accelerating  ideological breakaway of Russia and China from the West and setting course for strengthening  their economic self-sufficiency, these two global leaders are becoming key players, determining further development agenda both for the Global South countries and for some of the so-called developed countries, gradually coming to understand deficiency of the Western world order model, and far-reaching consequences of the Washington Consensus, including their national economies. The consolidated position of China and Russia on remedial actions in the wake of the US domination in the global economy and politics is featured both in the multilateral and bilateral diplomacy.

Russia and China demonstrate unanimity of views in discussion of global issues and challenges at UN and WTO meetings, and also under the rapidly developing multilateral dialogue at BRICS and SCO forums. Given rising terrorism concerns, cyber-threats and attempts of some Western countries to destabilize the situation near the “underbelly” of Russia and China, both states, while having no intention of creating a military-political union, cooperate at the international level to counter arising threats, are committed to non-interference into internal affairs of sovereign states and provision of national security of their allies.

In terms of the economic agenda, Russia and China at the times of the global trade system crisis stand for maintaining the central role of the WTO, insisting on resumption of operations of the WTO Appellate Body, oppose unilateral restrictions in global trade, use of the climate agenda as a tool to fight developing countries (there is a relevant joint statement by the leaders of Russia and China). Support to less developed countries and ensuring a special and differentiated regime under the global trade system is a priority for both countries. Russia and China also display similar views on the issue of reduction of the dollar role in the global economy and use of national currencies and crypto-currencies for mutual settlements and settlements with “friendly” countries. China is already implementing its dollar replacement strategy quite efficiently in international settlements with its trade partners, increasing yuanization of economies of the countries that take an active part in the Belt and Road project. Western sanctions are becoming a challenge both for Russia and China, which makes mutual support of the two countries even more significant.

Given the “separation” from the USA, the share of China’s exports to Russia had grown from 1,95% in 2020 to 3,23% in 2024, and the share of Russian imports into China grew from 2,78% to about 5% correspondingly. At the same time commodity exports from Russia to China make up the largest share, which is equally dissatisfying both for Russia and China, because transformation of the product structure of the Russian exports to increase the share of products with higher added value would promote development of a deeper manufacturing cooperation. China is sending to Russia mostly products with high added value, reinforcing the mutual trade imbalance for the two countries. The mutual trade  potential of the two countries is limited by underdeveloped transit infrastructure in the eastern part of Russia and its Arctic route, operating at a fraction of its capacity for now, inadequate tools for near-border and regional cooperation and often by the lack of enterprises, manufacturing products that are in demand in China, in the regions of the RF, logistically close to China (though there are positive cases– the construction of an advanced soy processing plant in Amur region). At the same time the mutual trade is developing and helping promote implementation of foreign trade potential for cooperation of the two countries. For China, Russia is a large sales market, a state, which can resolve its food and energy issues, and also a territory which can not only ensure transit of goods to Europe, but also provide security for key supply chains.  For Russia, China could become a source for development of near-border territories and a potentially important partner in the area of science and technology and industrial cooperation.

However, for now the investment cooperation cannot be viewed as a significant tool for integration of the economies of the two countries. The volume of mutual accumulated investment is rather low, and Chinese investments in Russia primarily go to the energy sector. The issues in this case are determined by uncertainties in the Russian economy under sanctions, by the Chinese laws, strictly controlling foreign investments, especially those of state-owned companies, by reluctance of Chinese investors to increase the level of localization of their manufacturing in the RF, and even by the existing visa regime. Joint investment projects are only rare outliers, not a doctrine. For now, the construction of the Amur Gas and Chemical Complex is a most successful project of this kind. A factory project for a lead and zinc deposit at Novaya Zemlya is in early phases of development, a move of the production facilities of the Copper plant from Norilsk to the PRC is being considered, there are a few automotive industry projects, primarily in the Moscow Region, are in the pipeline. But there is an obviously positive trend in the investment cooperation, however, it should be taken into account that payback, expected from mutual investment, cannot be achieved quickly, as is the case of trade, this is why actual results of this area of the Russian-Chinese cooperation could largely be displayed much later.

Mutual support to research and education, humanitarian and cultural initiatives is also key for the bilateral cooperation, moreover, there are existing good examples of this. It is crucial to understand cultural codes of each other, which will facilitate not only inter-penetration of cultures, but also development of sustainable business ties between corporates of the two countries.

Consequently, bilateral cooperation, built upon “comprehensive partnership and strategic cooperation relations”, could become the cornerstone for development of a fair world order model, acceptable to the global majority, based on the principles of multilateralism, openness and inclusivity to oppose unilateral sanctions, block mentality, containment and suppression of competitors from the Western countries. The unity of the two major countries, obvious for other countries, and their successful counteraction to the USA and a number of other Western countries in their attempts to violate international law principles, will be a powerful signal for other developing countries (many of which are still looking for a balance between the Global North and the Global South), presenting a world order model which is much more attractive and secure. 

In the longer term, Russia and China should promote integration of developing country economies into a new world order model through use of adaptation mechanisms and relevant economic and political tools, tested by the two leaders during selection of concepts for a new world order, alternative to the Western one.