As Putin’s state visit gets under way, Chinese state media is awash with news articles and comments pieces praising the relationship between the two countries.

China’s Global Times published a report saying China and Russia’s economic and trade relationship has been “thriving on all fronts despite global challenges”.

It is expected that the two countries could see further improvement in their bilateral trade structure this year, with trade volume projected to reach new heights.”

China-Russia trade has boomed since Moscow invaded Ukraine in 2022, but after Washington vowed to go after financial institutions that help Russia’s economy, Chinese exports to Russia have dipped in recent months.

An executive order from US president Joe Biden in December permits secondary sanctions on foreign banks that deal with Russia’s war machine, allowing the US Treasury to cut them out of the dollar-led global financial system.

That, coupled with recent efforts to rebuild fractured ties with the United States, may make Beijing reluctant to openly push more cooperation with Russia, analysts have said.

According to Alexander Gabuev, director of the Carnegie Russia Eurasia Center in Berlin, some Chinese banks are “operating on better-be-safe-than-sorry principles, which reduces the volume of transactions”.

“Finding out whether the payments are related to the Russian military-industrial complex … is creating a considerable challenge for Chinese companies and banks,” he told the AFP news agency.

Xi Jinping has welcomed Vladimir Putin at the start of his two-day state visit.

They shook hands at a welcoming ceremony outside central Beijing’s Great Hall of the People, after Putin’s arrival in Beijing at dawn. Members of the People’s Liberation Army stood at attention while artillery fired a multi-gun salute during the ceremony.

Putin, Xi and other top officials are expected to hold meetings later that will emphasise their commitment to the “no limits” relationship.

The national anthems of both countries blared out as the two leaders met, while dozens of large Russian and Chinese flags fluttered around Tiananmen Square amid police patrols.

Putin and Xi have met over 40 times; the Chinese president last travelled to Moscow in March 2023, while Putin went to Beijing in October for a summit of China’s belt and road initiative.

Later on, both leaders will participate in a gala celebration of 75 years since the Soviet Union recognised the People’s Republic of China, which Mao Zedong declared in 1949.

The ‘no-limits’ friendship between Putin and Xi

Pjotr Sauer

• Putin’s relationship with Xi first took shape in May of 2014 when the Russian leader travelled to Beijing for a two-day state visit to discuss a major gas supply deal. The visit came on the heels of Russia’s annexation of Crimea, causing Moscow to be shunned by much of the western world.

• Xi promptly returned the favour by visiting Moscow and sitting alongside Putin during the city’s Victory Parade, which celebrates its win over Nazi Germany. The parade was boycotted by western leaders as Russian-backed rebels seized territory in eastern Ukraine.

• In the autumn of 2018, both countries celebrated their newfound military cooperation as China participated for the first time in large-scale strategic drills hosted by Moscow.

• At the height of the US-China trade war in 2019, Xi flew to Moscow and praised Putin as his “best friend”. During the visit, the Kremlin announced that trade between Russia and China grew almost 25% over 2018. Xi ended the trip by giving Putin two pandas for the Moscow zoo.

• Weeks before Putin sent his troops to invade Ukraine on 24 February 2022, the Russian leader flew to Beijing where the two leaders famously celebrated their “no-limits” friendship.

• In an unmistakable show of support for Putin after his decision to invade Ukraine, Xi travelled to Moscow in the spring of 2023. Amid Moscow’s increasing isolation from the west, the three-day summit underscored the Kremlin’s growing economic dependence on Beijing, as bilateral trade between the two countries surged.

Russian news agency Tass reports that Russia’s president has brought a large delegation consisting of five deputy prime ministers, heads of economic, diplomatic and security agencies, as well as the heads of some Russian state energy companies.

Tass says that the bilateral talks are planned to focus on trade and economic cooperation. The two sides will be looking for ways to quietly circumvent US restrictions that have driven down Chinese exports to Russia following a postwar boom in both consumer products and dual-use goods that have been crucial to the Russian war machine in Ukraine.

Biden administration tariffs on $18bn of Chinese imports that were unviled on Tuesday, will likely be a topic of conversations as well.

Tass reports that the second stage of the state visit will take place in the city of Harbin, where Putin will attend the opening ceremony of the eighth Russian-Chinese expo and the fourth Russia-China Forum on interregional cooperation.

Yury Ushakov, a Russian presidential foreign policy aide, told Tass that China was not randomly chosen for the president’s first foreign trip, but as a response to a similar gesture of friendship made by Chinese president Xi Jinping last year.

Prior to his arrival in Beijing, Chinese state media outlet Xinhua published a long interview with Vladimir Putin in which he described meeting with Xi Jinping as a “dialogue between old friends”.

He also praises China in its initiatives to “resolving the crisis in Ukraine”.

Unfortunately, neither Ukraine nor its western patrons support these initiatives. They are not ready to engage in an equal, honest and open dialogue based on mutual respect and consideration of each other’s interests.”

The war in Ukraine began when Russia invaded the country in February 2022. More than two years, on thousands of soldiers on both sides of the conflict have been killed, while Ukrainian civilians have borne the brunt of Russia’s aggression, with huge numbers either killed or left homeless by Moscow’s indiscriminate attacks.

China has acted as a lifeline for Russia, after western sanctions were imposed which sought to punish Moscow for its aggression. Beijing remains one of the top imports of Russian oil and gas, while trade between the two coutnries has increased at the same time.

In his interview with Xinhua, Putin criticised “western elites” in their efforts to “isolate and weaken” Russia.

Vladimir Putin arrived in Beijing early on Thursday for talks with Xi Jinping that the Kremlin hopes will deepen a strategic partnership between the two countries.

Chinese state media confirmed the Russian president’s arrival for what it described as a state visit from an “old friend”.

By picking China for his first foreign trip since being sworn in for a six-year term that will keep him in power until at least 2030, Putin is thought to be sending a message to the world about his priorities and the depth of his personal relationship with Xi.

Both leaders will take part in a gala evening celebrating 75 years since the Soviet Union recognised the People’s Republic of China, which was declared by Mao Zedong in 1949.

We’ll be following his visit and will bring you live updates as they occur.