Joint statement

Zhang Xin, associate professor at the School of Advanced International and Area Studies at East China Normal University, wrote in a column for the Valdai Discussion Club, a think tank and discussion forum based in Moscow, that Russian-Chinese relations have been set as a model for post-Cold War great power relations. They also serve as a model for strategic mutual trust, a guarantor of international stability, and are an important force in deterring US unilateralist actions.

In March, the Russian and Chinese foreign ministers issued a joint statement on "some issues of global governance" advocating "a more just, democratic, rational and multipolar world order" and rejecting the West's claim to a standard model of democracy, Zhang noted.

This statement essentially reiterates key messages in the Joint Declaration on a Multipolar World and the Establishment of a New International Order signed in 1997, Zhang said.

Such continuity reflects the stable stance shared by Moscow and Beijing in opposition to the hegemonic foundation of the international system, signifying that Sino-Russian rapprochement over the past three decades doesn't merely reflect the policies of any particular national leader, but structural realism, the expert added.

"In the economic sphere, despite the fact that bilateral trade between China and Russia surpassed US$100 billion in 2019, both countries will have a difficult time reaching the target of US$200 billion in the coming years," Zhang said.

According to Zhang, while the goal of "de-dollarization" is tempting and both countries are seeking ways to implement it, the specific approach to reaching that target is still highly limited, if not completely elusive, so Russia and China need to realize this and also seek economic opportunities elsewhere.