Based on trade flows alone, Beijing has a lot at stake following Biden's nearly two-hour video call with Xi on Friday, with the White House confirming that sanctions on China were an option.
46th and current president of the United StatesWASHINGTON - U.S. President Joe Biden's warning of "consequences" for any aid China may give to Russia's Ukraine war effort could force Chinese President Xi Jinping to choose between a longstanding lucrative trade relationship with the West and a growing strategic partnership with Moscow.
Siding with political ally Russia would make little economic sense for China, according to analysts, as the United States and European Union still consume more than a third of China's exports. "China has normal trade, economic, financial, energy cooperations with Russia," Qin told the CBS program "Face the Nation" when asked if Beijing would provide financial support to Moscow. "These are normal business between two sovereign countries, based on international laws, including WTO rules."
However, China is still more dependent on trade, at about 35% of GDP, than the United States at 23% or Japan at 31%. The share of China's exports to Association of Southeast Asian Nations countries, with which China recently has forged new trade agreements, has doubled to about 15%, eclipsing Japan in importance. But China's January-February 2022 trade data showed that exports to the European Union grew the most at 24%.Russia's overall trade with China has grown since the West first imposed sanctions on Moscow in response to its annexation of Crimea.
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