By Eric Peters, CIO of One River Asset Management
The Chinese/Russian joint statement reads like a playbook for how to create a fully independent political and economic zone.
- For Industry - develop civil aircraft construction, shipbuilding, carmakers, machine tool industry, electronics industry, metallurgy, iron ore mining, chemical industry, and forestry.
- For Agriculture - expand mutual access of agricultural products, increase the volume of trade in soybeans, pig breeding, water production, grain, fat and oil, fruits and vegetables, nuts, and other products.
- For Energy - strive for the stability and sustainability of the global energy market, strengthening value chains in the fuel and energy complex. Develop market-based cooperation in the field of oil, natural gas, LNG, coal, and electricity, ensure the stable operation of relevant cross-border infrastructure and the creation conditions for unimpeded transportation of energy resources.
- For Nuclear Energy - deepen partnership in peaceful nuclear energy. Including thermonuclear fusion, fast neutron reactors and the closed nuclear fuel cycle.
- For Taiwan - Russia reaffirms its commitment to the principle of ‘One China’, recognizes that Taiwan is an integral part of China, opposes the independence of Taiwan in any form, and firmly supports the actions of the Chinese side to protect its own sovereignty and territorial integrity, as well as to unify the country.
- For Ukraine - The Russian side positively assesses China's objective and unbiased position on the Ukrainian issue. China supports the efforts of the Russian side to ensure security and stability, national development and prosperity, sovereignty, and territorial integrity, and opposes outside interference in Russia's internal affairs.
- For Technology - develop cooperation in information and communication technologies, including artificial intelligence, communications, software, Internet of things, open source, network and data security, video games, radio frequency coordination, specialized education, and industry research activity.
- For Markets - increase the share of national currencies in bilateral trade; encourage debt issuance in both markets; develop insurance and financial markets. This process is clearly already underway. And so is their retreat from US markets.
