War in Ukraine and Geopolitics: Towards a New Global Economic Balance

Russia's war on Ukraine is also reshuffling the cards in terms of economic geopolitics. 

Russian President Vladimir Putin (L) and Chinese President Xi Jinping (R) in Beijing, China, Feb. 4, 2022. (ALEXEI DRUZHININ/TASS via GETTYIMAGES)

In the midst of the crisis , ties are tightening between Moscow and Beijing . Beijing speaks of a "limitless friendship" with Moscow. On Monday March 7, the Chinese Foreign Minister held his annual press conference. More than ever, this meeting looked like a balancing act. Wang Yi declined to condemn the Russian invasion of Ukraine, preferring to emphasize a "rock-solid" friendship with Russia. For the record, Vladimir Putin was visiting Beijing three weeks ago.

Economists and geopoliticians are watching foreign trade figures very closely. Trade flows between countries are very revealing of the moment and what this can predict for the future. Today's observation: China's exports to Russia are on the rise. In a general volume of Chinese exports to the world which was virtually stagnant in January and February (+16%), sales from China to Russia increased over the first two months of this year by nearly 42%. A bit as if the close relations that the two countries have maintained for several years had suddenly awakened. China is now Russia's largest trading partner. And despite rising imports,

China as a mediator

Could this make China a possible mediator in Russia's war on Ukraine? Yes. But this situation confirms and strengthens Beijing above all as an essential actor on the new map of globalization that is in the process of being drawn. Faced with Europe and the United States, Russia sees in China the ideal partner to form a common front, which does not displease Beijing, whose thirst for conquest towards the West is greater every day. . It remains to be seen how Europe will position itself in these new plans for economic globalization.