The latest Xi-Putin summit showed both the strength and the imbalance of the China-Russia relationship.
Beijing and Moscow jointly criticized U.S. missile defense plans and nuclear policy, presenting themselves as partners against American strategic dominance. Yet they failed to finalize a major gas deal, a reminder that the relationship is not as frictionless as the rhetoric suggests.
The fact is that Russia needs China more than China needs Russia. Since the invasion of Ukraine, Moscow has become more dependent on Chinese markets, technology channels, diplomatic cover and financial oxygen. Beijing, however, retains options. It can deepen ties with Russia while avoiding commitments that would expose China to excessive economic risk.
That asymmetry is becoming one of the most important realities in Eurasian geopolitics. For Putin, China is a strategic lifeline. For Xi, Russia is a useful partner in weakening U.S. influence, but not a partner Beijing is willing to subsidize without limit.
The “no limits” relationship now has visible limits. This makes this partnership very transactional and increasingly shaped by Chinese leverage.
