Russian President Vladimir Putin and his Chinese counterpart Xi Jinping adopted a joint statement on deepening the comprehensive partnership and strategic cooperation between their countries during his state visit to China on May 16-17, 2024. In this connection, John Gong, a China Forum expert and vice president for research at UIBE Israel, gave an interview to Sputnik on the opportunities and challenges for China-Russia trade.

Key agreements concluded during President Putin’s visit can be seen as a “resounding statement” that China and Russia won’t let economic cooperation between them be the subject of blackmail or coercion from a third country, said Dr. Gong. Trade between the two countries is growing fast, he noted.

Looking ahead to the changes expected in the banking sector, Dr. Gong singled out the global trend of a ditching the US dollar in trade. “I think it is especially the case for trade between China and other developing countries,” he said. Many other countries are gradually starting to reduce their dependence on the dollar, particularly in oil trading. The dollar’s share of international trade settlements is definitely falling, the expert ventured.

Talking about how Russia’s assets have been illegally frozen over the Ukraine conflict by the West, Gong pointed out that realities on the battlefield in Ukraine and the political and financial constraints in the West have led them to take extreme measures, but it will only add doubt about the credibility of the so-called rules-based international order.

Established in 2014, Sputnik is a Russian state-owned news agency and radio broadcast service. Headquartered in Moscow, it focuses on global politics and economics and aims for an international audience.

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