Editor's note: Hamzah Rifaat Hussain, a former visiting fellow at the Stimson Center in Washington and former assistant researcher at the Islamabad Policy Research Institute, is a TV anchor at Indus News in Pakistan. The article reflects the author's opinions and not necessarily those of CGTN.

Chinese President Xi Jinping's tour to Moscow in 2023 has yielded positive results for the bilateral relationship between China and Russia. It also bodes well for regional peace and global stability. During his first visit after being reelected as President of the People's Republic of China, he held candid, productive and fruitful talks with Russian President Vladimir Putin on an array of domestic, regional and international issues on the afternoon of March 21, 2023. Both sides through centerpiece talks and joint statements have opted for prudence and moving forward by building on existing frameworks of cooperation to solidify foundations for domestic, regional and international peace.  

After stressing a "new chapter" in China-Russia ties as a prelude to the visit, President Xi with President Putin signed joint statements that touched upon critical areas including the resolution of the Ukraine crisis alongside increasing investments and boosting energy cooperation. 

Both sides issued the Joint Statement of the People's Republic of China and the Russian Federation on Deepening the Comprehensive Strategic Partnership of Coordination for the New Era and a Joint Statement of the President of the People's Republic of China and the President of the Russian Federation on Pre-2030 Development Plan on Priorities in China-Russia Economic Cooperation. 

On Ukraine, President Xi emphasized on China's Position on the Political Settlement of the Ukraine Crisis and stated that China abides by the principles of the UN Charter on Ukraine, advocates for non-aggression and actively encourages peace talks. The two sides agreed that settling of the crisis involves respecting legitimate security concerns of all countries and preventing bloc confrontations from materializing.  

This position was supported by President Putin who said that Russia is ready for peace talks on Ukraine and welcomes the constructive proposals set forth by President Xi. It is clear that both sides are promoting peace on principle and on merit.

Alongside an unwavering commitment to peace, both sides emphasized expanding cooperation in diverse areas ranging from digital economy, information technology, agriculture and trade in services. Both Xi and Putin agreed that the two sides need to strengthen overall design and top-level planning and enhance the resilience of supply chains and promote great compatibility. 

The understandings reached in these fields also come at an opportune time for China and Russia. The volume of trade between China and Russia in 2022 has also gone up to 116 percent from a decade ago with China retaining its status as Russia's largest trading partner for 13 years. 

Additionally, the investment portfolio of the Intergovernmental Russian-Chinese Commission on Investment Cooperation includes 79 projects worth over $165 billion which ensures that cooperation is set to reach a new height in 2023. All this bodes well for economic ties.  

This emphasis on strong trading ties also dispels negative coverage of the visit which erroneously portrays both China and Russia as launching a joint front that imperils peace. The truth is that on global peace and subjects such as Ukraine, both presidents opposed the practice by any country or group of states to seek advantages in military and political spheres which comes at the expense of collective security. 

China and Russia instead emphasized on upholding multilateralism and working closely through frameworks such as the G20, the Shanghai Cooperation Organization and BRICS for consensus building between member states.The visit reaffirms that multipolarity can improve global governance and issues such as global food and energy security can be addressed.   

On regional connectivity, both sides stand to benefit from industrial liberalization by leveraging projects to spur growth. Synergy between the Belt and Road Initiative and the Eurasian Economic Union (EAEU) and working with Russia and other EAEU member states to fully operationalize the agreement on economic and trade cooperation between China and the EAEU for example, will enhance regional cooperation at higher levels, which according to President Xi is mutually beneficial.  

Xi's pledge of friendship with Russia and the joint resolve to see a peaceful, interconnected, prosperous and just world order has made this visit symbolic, meaningful and a triumph of international diplomacy. It demonstrates that China and Russia believe in non-aggression and promotion of mutual understandings within the ambit of the UN Charter. Furthermore, efforts to boost domestic and regional economies remains an utmost priority for long term stability.  

The joint statements issued and the comprehensive understandings reached between China and Russia have made Xi's visit to Moscow and his exchanges with Putin a success.  

(If you want to contribute and have specific expertise, please contact us at opinions@cgtn.com. Follow @thouse_opinions on Twitter to discover the latest commentaries in the CGTN Opinion Section.)