Beijing-Moscow Axis: The Unshakable Economic and Political Ties That Bind

Bilateral trade between China and Russia reached $244.8 billion in 2024, marking a 1.9% year-on-year increase and continuing a 15-year streak with China as Russia’s largest trading partner. This steady growth reflects the expanding and increasingly diversified economic partnership between the two nations, rooted in longstanding cooperation and reinforced by new areas of strategic collaboration.

Energy continues to play a central role in bilateral trade, accounting for over one-third of the total. A key development in 2024 was the full-scale launch of the China-Russia Eastern Gas Pipeline, which became operational ahead of schedule. This milestone reflects both countries’ commitment to long-term infrastructure planning and deep energy integration.

While traditional sectors such as oil, gas, and raw materials remain strong pillars of the partnership, both sides are now accelerating engagement in emerging industries. Digital economy cooperation, cross-border e-commerce platforms, and joint ventures in green technology are becoming significant contributors to trade growth. These sectors are expected to play a greater role in future bilateral engagement, especially as both countries look to enhance their technological capabilities and meet climate-related goals.

On the institutional level, coordination remains active through multiple dialogue mechanisms, regional forums, and economic planning commissions. These efforts aim to streamline customs procedures, harmonize standards, and create more stable investment conditions for businesses operating between the two countries.

Financial collaboration is also growing, with a focus on using local currencies in cross-border transactions, enhancing connectivity between financial institutions, and promoting settlements that reduce reliance on third-party systems. This financial cooperation aligns with the broader aim of building a resilient and adaptive economic relationship that reflects both countries’ long-term priorities.

The steady growth in trade volume and expansion into new sectors highlights the strategic depth of the China-Russia partnership. From pipelines to digital platforms, this multifaceted relationship continues to evolve with a clear focus on practical cooperation and shared development goals. As both sides move forward, the foundation is firmly set for a broad-based partnership with durable economic and institutional linkages.