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An Economic Security Analysis of China-Russia Relations After the Ukraine War: Focusing on ‘Economic Threat Balancing’

  • Journal of Asia-Pacific Studies
  • Abbr : JAPS
  • 2024, 31(4), pp.107-138
  • DOI : 10.18107/japs.2024.31.4.004
  • Publisher : Institute of Global Affairs
  • Research Area : Social Science > Social Science in general
  • Received : November 24, 2024
  • Accepted : December 16, 2024
  • Published : December 30, 2024

Jiyoung Kim 1

1통일부 국립통일교육원

Accredited

ABSTRACT

This study extends Stephen Walt’s theory of balance of threat to the economic sphere, shedding new light on the interaction between international politics and economics. It provides an in-depth analysis of how China and Russia perceive threats within the U.S.-centric international economic order and how the two countries have strengthened their cooperative framework to counter these threats. Traditionally discussed within the military domain, the balance of threat theory is demonstrated in this study to be This study extends Stephen Walt’s theory of threat balancing from a military perspective to an economic one, shedding new light on the interplay between international politics and economics. In particular, it provides a detailed analysis of how China and Russia, in the aftermath of the Ukraine War in 2024, perceive threats within the US-led international economic order and strengthen their cooperative framework to address these challenges. This study demonstrates that the threat-balancing theory, traditionally discussed in military contexts, is also meaningfully applicable in the realm of economic security. Specifically, it empirically illustrates how US sanctions and trade barriers have posed significant economic threats to China and Russia, prompting the two nations to enhance cooperation in trade, energy, and financial sectors. China and Russia are exploring new strategies to replace the US-led economic order through initiatives like the BRICS Bridge project. The BRICS Bridge project, aimed at de-dollarisation, represents an attempt to establish an independent financial network. This highlights the rise of BRICS, centred on China and Russia, as a challenger to the US-led economic system. The significance of this study lies in its extension of the threat-balancing theory from the military to the economic domain and its empirical examination of how economic threats influence international cooperation and alliance formation, as exemplified by the cases of China and Russia. Moreover, it offers a detailed discussion on how emerging economic coalitions, such as BRICS, can contribute to changes in the global economic order. By doing so, it provides a novel perspective for understanding contemporary phenomena at the intersection of international politics and economics.

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