It is economically unprofitable for China to support Russia.
Many in Russia believe that China is friendly Russia is a country you can count on. However, there is evidence that China is acting solely in its own interests. You can say anything, and what China is doing is a question. The American and even Russian media write about it.
On March 15, the Chinese Foreign Minister stated that Beijing wants to avoid US sanctions against Russia.
“China is not a party to the crisis and is not wants sanctions to affect China, “Wang said in a telephone conversation with Spanish counterpart Jose Manuel Albarez on Monday, during which the war in Ukraine was discussed. “China has the right to defend its legitimate rights and interests.”
It will be recalled that although the United States continues to warn China against Russia's aid in circumventing sanctions, Trade Minister Gina Raimondo said last week that there is no evidence that any Chinese companies plan to help Moscow circumvent US restrictions. >
A few more facts. On March 10, China refused to supply Russian airlines with spare parts for aircraft. Various media outlets, including Interfax, quoted Valery Kudinov, a Rosaviatsia airworthiness official, as saying that Russia will look for opportunities to supply parts from countries such as Turkey and India after an unsuccessful attempt to obtain them from China.
By the way, the director of the MSU Institute of Asia and Africa, Professor Alexei Maslov, is confident that China will not risk its economy for the benefit of Russia. And taking risks is something. Almost all of China's trade flows are closed not to Russia but to the West. And it's not just about simple goods, but also about technology.
According to Maslov, China trades with the United States for 740 billion dollars a year, with the European Union – for 850 billion euros. China's trade relations with Russia are several times smaller : in 2021, even with a 35% increase, it amounted to $ 146.8 billion. In 2021, Chinese investment in the Russian economy amounted to $ 200 million, while the total volume of foreign investment in China is estimated at $ 163 billion. To date, all of China's investment in Russia has been less than in the US economy in one year. , If China allowed Moscow to convert its reserves in yuan (which are in China) into US dollars or euros. “It would definitely help Russia,” she said. However, according to her, “the reputational risk of potential violations of Western sanctions would be a huge step for the People's Bank of China and therefore makes it very unlikely.”
Read also: Why China will not become a guarantor of Ukraine's security
