On May 27th, China, Japan, and the Republic of Korea concluded their Ninth Trilateral Summit in Seoul. Leaders of the three countries resumed their highest-level annual meetings for the first time in over four years. At the conclusion of the meeting, they issued a joint declaration that includes six priority areas of cooperation, ranging from sustainable development to economic collaboration and trade.

What were Beijing’s interests and motivations in reviving this trilateral mechanism?

To discuss China’s participation in the trilateral summit, host Bonnie Glaser is joined by Yun Sun, a Senior Fellow and Co-director of the East Asia program and Director of the China program at the Stimson Center in Washington.

Timestamps

[01:18] Reestablishing the Trilateral Leadership Mechanism

[06:14] Outcomes and Deliverables of the Trilateral Summit

[10:37] 2019 Chengdu Denuclearization Agreement

[13:38] China’s Import Ban on Japanese Seafood

[18:07] China on US-Japan-ROK Trilateral Cooperation

[23:58] Warming Russian-North Korean Relations

[29:30] Would Xi Jinping express his concerns with Vladimir Putin?

On May 17, Russian President Vladimir Putin concluded a two-day visit to China for his 43rd meeting with Xi Jinping. Based on public readouts, Putin emphasized the economic benefits that the Sino-Russian partnership could bring to both countries. Economic integration between Russia and China has accelerated dramatically, with total trade between them reaching $240 billion US dollars in 2023. Beijing’s decision to increase trade with Moscow after the February 2022 invasion of Ukraine has kept the Russian economy afloat.

Western sanctions have failed to cripple Russia’s economy or its war effort. After the European Union halted the import of Russian oil, China stepped in and has since become Russia’s top energy buyer. Moreover, China has become Russia’s top goods supplier, having surged its sales of machine tools, microelectronics, and other technology that Moscow uses to produce weaponry in its ongoing war with Ukraine.

To discuss China’s trade with Russia, host Bonnie Glaser is joined by Yanmei Xie. Yanmei is a Geopolitics Analyst at Gavekal Research, where she analyzes the implications of rising geopolitical and geoeconomic risks on trade, investments, and supply chains. Yanmei recently published a report on China’s economic support for Russia, which was titled “How China Keeps Russia in Business.”

Timestamps

[02:00] China’s Economic Support of Russia

[05:29] Areas of Success for Western Sanctions

[07:11] A Surge in Chinese Exports After the Invasion of Ukraine

[09:54] Chinese Playbook for Circumventing Sanctions

[13:36] Chinese Provision of Crucial Materials

[15:17] Incentive to Capture the Russian Energy Market

[19:17] Impact of Western Industrial Policies on Sino-Russian Trade

[20:20] Possibility of Increased Sanctions to Deter China

[23:24] China’s Toolbox of Retaliatory Measures

[26:48] Plateauing Economic Support for Russia

China’s rate of economic growth has slowed markedly in recent years. According to Chinese government statistics, the economy grew by 5.2% in 2023. There are numerous challenges: weak consumer confidence, mounting local government debt, and a real estate market that used to fuel the economy, but is now in a prolonged downturn.

Many economists, including some in China, advocate that the government stimulate consumer spending. It is clear, however, that Xi Jinping is pursuing a different strategy. And this was quite clear when Chinese Premier Li Qiang delivered the Government Work Report last March.

Host Bonnie Glaser is joined by Tanner Greer, who argued in a recent article published in Foreign Policy and in his blog, The Scholar’s Stage, that Xi Jinping and the Politburo believe that science and technology are the answer to China’s problems. To quote from the article: “the central task of the Chinese state is to build an industrial and scientific system capable of pushing humanity to new technological frontiers.” Tanner is the director of the Center for Strategic Translation. As a journalist and researcher, his writing focuses on world politics and history.

Timestamps

[01:43] Historical Narrative Informing China’s Belief in Techno-Industrial Policy

[03:47] How does China’s own history fit into this narrative?

[06:36] Evidence that Xi Jinping Believes in a Technological Revolution

[09:37] How does China assess the global balance of power?

[12:26] Three Premises Behind China’s Techno-Industrial Drive

[14:08] Influence of Intensifying US-China Technology Competition

[17:12] Acceleration of New Quality Productive Forces

[19:32] Skepticism of China’s Strategy

[26:43] Chinese Intellectuals Writing on Techno-Industrial Policy