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China to the rescue of the Russian economy, cautious and interested support & More Latest News Here

 

How far is Chinese President Xi Jinping willing to go to support his ” old friend “ Russian Vladimir Putin, whom he met during an exceptional one-on-one, Thursday, September 15, in Samarkand, Uzbekistan? The communist leader assured that China “was willing to work with Russia to assume its role as a great power”. Concretely, this has happened, since the summer, through very sharply increasing trade between the two countries, at a time when international sanctions are affecting the Russian economy. But Beijing’s support remains marked by great caution.

Read also: Article reserved for our subscribers Vladimir Putin seeks anti-Western support from Xi Jinping

China imported 72.9 billion dollars (72.9 billion euros) of Russian products, the vast majority of hydrocarbons, between January and August: an increase of 50% compared to the same period of 2021. the other way, “according to Chinese customs, exports to Russia, which were already on an almost vertical curve before the war, continued to increase, and they accelerated in July-August”, underlines François Godement, of the Montaigne Institute, in Paris. Between January and August, they thus increased by 9.4% compared to the same period of 2021, for a total of 44.2 billion dollars. Forget the decline observed in the first weeks of the war: Chinese exports have returned to their level before the February 24 invasion.

“China is showing pragmatic opportunism. It is providing what it can to keep its close systemic partner afloat, while guarding against exposing itself to further economic turbulence as its domestic situation is difficult”summarizes François Chimits, researcher at the Mercator Institute for China Studies (Merics) in Berlin.

Read also: Article reserved for our subscribers “China has shown no restraint in its dealings with Russia”

It was in May that bilateral physical and monetary exchanges accelerated, according to François Godement, at a time when Beijing also radicalized its discourse against the United States. “In the Moscow foreign exchange market, ruble-renminbi exchanges [yuan, la devise chinoise] have exploded, a sign that things are happening commerciallyhe notes. Still, the mixture of opportunism and caution is a characteristic feature of the Chinese attitude vis-à-vis the sanctions, which it condemns on principle. » In this area, American pressure is strong: when the United States added 25 Chinese companies to its own sanctions list in June, it placed five electronic goods companies that traded with Russia.

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