Note: The following article is taken from the Chinese-language "Commentaries on International Affairs."

China's President Xi Jinping and his Russian counterpart Vladimir Putin signed two joint statements in Moscow on Wednesday, announcing that the two countries will elevate their bilateral ties to the level of a comprehensive strategic partnership of coordination for a new era, and that they will work on strengthening global strategic stability.

This year marks the 70th anniversary of the establishment of diplomatic relations between China and Russia. The relationship has come a long way, becoming a good example of a major country relationship featuring the highest degree of mutual trust and strategic value, and the highest level of coordination. The leaders of Russia and China have repeatedly noted that the relationship between the two countries is at a historic high point.

Chinese President Xi Jinping (L) and his Russian counterpart Vladimir Putin sign the statements on elevating bilateral ties to the comprehensive strategic partnership of coordination for a new era and on strengthening contemporary global strategic stability, and witness the signing of a number of cooperation documents, after their talks in Moscow on June 5, 2019. [Photo: Xinhua]

Elevating bilateral ties to the level of a comprehensive strategic partnership of coordination for a new era will have a profound impact on bilateral cooperation and international relations. The new relationship requires both sides to work together on the basis of mutual trust, and to offer more support to each other on issues concerning their core interests. It requires both countries to deepen the convergence of their interests and to continue work on connecting the Belt and Road Initiative with the Eurasian Economic Union. It requires the two countries to increase their people-to-people exchanges and to encourage more communication between people from all walks of life in China and Russia. It requires the two countries to shoulder more responsibilities and to unwaveringly protect the international system that has the United Nations at its heart. And it requires both sides to join hands to build a new model of international relations and a shared future for mankind.

Last year, trade between the two countries was worth more than 100 billion U.S. dollars. This record figure represents a 27 percent increase on the previous year. This achievement is all the more impressive considering that global trade and investment is slowing and trade protectionism is rising. There is, however, still room for improvement, as trade between China and Russia last year was only equal to one-third of the trade between China and Japan or South Korea, and it is barely one-sixth of the value of China's trade with the United States. China's direct investment in Russia was only 2.22 billion U.S. dollars in 2017 – 1.4 percent of China's overseas investment that year. Sergei Glaziev, an economic adviser to the Russian president, said that trade between China and Russia will be worth 200 billion U.S. dollars in five years if the two economies can better complement each other and raise the added value from industrial cooperation.

Besides the two joint statements signed on Wednesday, the two countries also signed 23 documents on economic, investment, industry, and education cooperation. They include deals for the construction of nuclear energy projects, the establishment of energy joint ventures in China, and natural gas exploration by China in the Arctic. The two sides will also invest one billion U.S. dollars to establish a technology innovation fund. And in addition to the existing regional cooperation platforms in China's Northeast and Russia's Far East, and the Yangtze River and Volga River, two more platforms will be established to fully unleash the potential of the Central Federal District of Russia and northern China, and the Northwest Federal District of Russia and China's southeast coastal areas.

The new era in the strategic partnership also means the two countries will strengthen coordination and cooperation in international affairs and provide more "China-Russia solutions" that better safeguard multilateralism. The world is seeing some unsettling disturbances in the political and economic landscape, as some countries pursue unilateralism and protectionism by levying excessive tariffs on other countries and disrupting the international trading system and industrial supply chains. These countries have also chosen to evade their obligations to the international community by withdrawing from international agreements and treaties and escalating regional tensions by imposing economic sanctions on other countries. This has cast a shadow on global economic prospects.

China and Russia share similar or identical positions on major global issues. The heads of state of the two countries have met over 20 times in recent years to coordinate on major international issues. Faced with rising threats of unilateralism and hegemonism, it is only right for China and Russia to raise their level of cooperation so they can better safeguard the multipolar world order and global strategic stability. This requires China and Russia to uphold the authority of the United Nations, and to better protect multilateral rules and the basic norms of international relations through organizations such as the Shanghai Cooperation Organization, the BRICS grouping, and the G20 forum.

It's without doubt that the strategic partnership between China and Russia in the new era was established on the basis of high-level mutual political trust, and that it serves as a model for major country relations. The higher level partnership between the two countries will bring more benefits to their people, and help to inject stability into the international order.