Executive summary 2

Key findings 3

Part 1: Trajectories and drivers binding China and Russia 4

Countering the Western liberal international order 4

Russia’s great‑power imperative 5

China’s need: improving military operational capabilities 5

Economic drivers 6

Part 2: Sino‑Russian defence and security cooperation 7

Sino‑Russian joint military exercises 7

Naval cooperation 8

Joint air cooperation 9

Part 3: Sino‑Russian defence trade 10

Part 4: Trendlines and implications for the rules‑based order and strategic stability 14

Part 5: The strategic and pragmatic choice for Australia remains the US 16

Notes 19

Acronyms and abbreviations 21