China's relationship with Russia is complex and multifaceted. As discussed with Peter Zeihan in episode 640, Russia has been seeking a stronger relationship with China, but the effectiveness of this relationship is questionable due to the internal issues both countries face. For instance, both leaders, Putin and Xi, have isolated themselves to the point where they're not getting accurate information, leading to policy failures.
In terms of military and technological cooperation, as Ray Dalio pointed out in episode 613, China and Russia have close relationships, often driven by common perceived threats. However, the capacity of this relationship to deliver significant benefits is limited. For example, China has already reverse-engineered all of Russia's weapons, and their transport systems are running at full capacity.
It's also important to note that China is likely observing the global reaction to Russia's actions in Ukraine, as this could influence their future actions, particularly regarding Taiwan. However, predicting what China will do is challenging due to the lack of good information reaching Xi.
In conclusion, while there is a relationship between China and Russia, it's fraught with challenges and uncertainties, largely due to internal issues and the global geopolitical landscape.