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In their regional security challenges, China and Russia are facing the same major opponent, the United States. The likelihood of a Sino-Russian alliance has lately been under intensifying speculation. Not the least because Russian president Vladimir Putin himself stated in the Valdai Club meeting last December that an alliance with China should not be ruled out. Chinese leaders have offered similarly ambivalent remarks, giving an impression that a true military alliance might be in the works.  Many scholars have argued, on the other hand, that such an alliance is only rhetorical or based on interests that are inherently incompatible. But perhaps focusing on a formal alliance is beside the point, since the existing China-Russia relations already bear important systemic effects notwithstanding any formal commitments between the two states. These effects could cause China and Russia to function akin to a

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