Following a temporary truce in the US-China trade war, Chinese President Xi Jinping delivered a speech condemning “bullying” and “hegemonism,” implicitly criticizing the United States. The speech, delivered at a Latin American summit, positioned China as a champion of free trade and global cooperation. This comes after both countries agreed to significantly reduce tariffs on each other’s goods for 90 days, a development hailed as a victory by both sides, though interpreted differently in their respective media. Xi’s message reinforced China’s commitment to multilateralism and offered substantial financial support to Latin American and Caribbean nations.
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During his Moscow visit on May 8th, Xi Jinping publicly endorsed Vladimir Putin and their shared vision for a new world order, explicitly aligning China with Russia’s justification for the war in Ukraine. This joint statement, emphasizing the need to address the war’s “root causes,” mirrors Kremlin propaganda. Xi and Putin pledged enhanced military and economic cooperation, aiming to counter US influence and increase bilateral trade by 2030. This strengthened partnership provides significant support to Russia amidst Western pressure to end the conflict.
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During a meeting with Xi Jinping, Vladimir Putin expressed Russia’s eagerness to host Chinese production facilities, citing Russia’s increased reliance on Chinese car imports. Putin pledged to create favorable conditions for Chinese businesses, characterizing Russo-Chinese relations as exemplary. However, despite increased trade, significant Chinese investment in Russia’s real sector remains limited, with overall foreign direct investment in Russia plummeting since the Ukraine invasion. This decline contrasts sharply with Putin’s assertions of a strong economic partnership and highlights ongoing challenges for the Russian economy.
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John Q. Hosedrinker