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Title page 1

Contents 3

Executive summary 4

Key findings 5

Part 1. Trajectories and drivers binding China and Russia 6

Countering the Western liberal international order 6

Russia's great-power imperative 7

China's need: improving military operational capabilities 7

Economic drivers 8

Part 2. Sino-Russian defence and security cooperation 9

Sino-Russian joint military exercises 9

Naval cooperation 10

Joint air cooperation 11

Part 3. Sino-Russian defence trade 12

Part 4. Trendlines and implications for the rules-based order and strategic stability 16

Part 5. The strategic and pragmatic choice for Australia remains the US 18

Notes 21

Acronyms and abbreviations 23

Tables 13

Table 1. Selected major military items transferred from Russia to China in the 1990s 13

Table 2. Major categories of defence items that China procured from Russia, 1987 to 2016 15

Figures 9

Figure 1. Russia-China military exercises: bilateral and multilateral (2003 to 2025) 9

Figure 2. China-Russia joint military exercises: increasing naval 10

Figure 3. Global arms-trade revenue; China stepping up 13

Figure 4. China's share of global arms imports, 2000 to 2024 14

Figure 5. Chinese dual-use exports help to sustain Russia's war effort 16