Hit by trade and financial sanctions following its invasion of Ukraine, Russia has shown relative resilience. Its trade declined during 2022, but at the end of the year, thanks to India and China, exports remained above their 2019-2021 average, while on the import side, it was essentially China that replaced Europe as Russia’s supplier. However, Chinese exports offered only limited compensation for sanctioned European exports to Russia. Turning to the financial sphere, China has enabled Russia to suffer less from the sanctions, thanks to the growing role of the yuan. Carl Grekou, Valérie Mignon, Lionel Ragot

China has an ambitious roadmap. The country faces major demographic, climatic and geopolitical challenges that could slow the transformation of its growth model and limit its sphere of influence on the world stage. The international aspect of the transformation of the growth regime consists in proposing an alternative to the system built around the Bretton Woods institutions, with China as the leader of the emerging countries. It reflects the fact that antagonism between China and the United States has hardened considerably and seems irreconcilable. Michel Aglietta, Camille Macaire