Chinese President Xi Jinping's state visit to Russia has solidified the Asian nation's stance regarding its partnership with the Kremlin. Xi and his Russian counterpart, President Vladimir Putin, agreed to upgrade cooperation in hopes of giving birth to a new diplomatic and economic era.
Multiple reports confirmed that the two sides agreed to further enhance bilateral ties as the nations mark 70 years of effective cooperation. CNBC News noted that the two countries made a milestone in their alliance amid increasing hostility and souring relations between China and the United States.
Aside from China's ongoing trade war against the U.S., the Russian government has also been butting heads with the White House regarding national sanctions. Analysts pointed out that the St. Petersburg economic forum kicking off on Thursday could well be Russia's way of highlighting its potential in numerous sectors.
Details of the increased cooperation between China and Russia have yet to be revealed. However, some economists predicted that trade between the two nations will increase as the years come, especially with Chinese traders potentially turning away from the American market.
According to Xinhua, Xi said during a meeting in Russia that strengthening Beijing and Kremlin relations will be a solid strategic decision that will benefit the citizens of both countries.
Furthermore, Xi mentioned the highly anticipated China-Russia year of innovation on scientific and technological developments. He said the period between 2020 to 2021 should be designed appropriately to cater to the need to increase trade.
Putin, for his part in the meeting, said Russia is committed to upgrading collaboration with China in various industries including infrastructure, telecommunications, finance, technology, agriculture, and other relevant sectors.
Aljazeera reported that shortly after Xi's meeting with Putin upon his arrival in Russia on Wednesday that Putin "is for me a best friend." The outlet also revealed that some of China and Russia's leading companies signed deals for joint ventures.
Megafon signed a deal with Alibaba while RDIF and Mail.ru secured an agreement that centers on e-commerce and other related segments. Finally, Russian telecommunications firm MTS bagged a deal with China's leading tech company, Huawei.
It is worth noting that Huawei has been involved in the escalating trade row between Beijing and the White House.
The company has been blacklisted from doing business with American firms - a blow that many analysts believe will be taken equally by both Chinese and U.S. markets.
Xi is scheduled for a three-day stay in Russia. Analysts are expecting more deals to be signed in the coming days as the two sides enhance trade.
