Dance with Dragon: China balances US trade deals with Russian energy ties

China hosted the Russian and American presidents in consecutive state visits, positioning Beijing at the centre of global geopolitics. The Russian leader's two-day visit marked the twenty-fifth anniversary of a bilateral friendship treaty, resulting in a joint declaration advocating for a multipolar world and expanded trade using local currencies. However, negotiations on a major gas pipeline remained stalled over pricing. Prior to this, the American president visited Beijing, securing commercial agreements involving aircraft, agricultural products, and the authorised sale of advanced artificial intelligence chips. Discussions also covered the ongoing conflict involving Iran and the impasse at the Strait of Hormuz, though no concrete commitments were reached. The consecutive summits highlight Beijing's strategy of balancing economic agreements with the United States against a strategic energy partnership with Russia.