Earlier this month, Chinese President Xi Jinping hosted Russian President Vladimir Putin in Beijing, where the two leaders observed China’s military parade. That’s all the more concerning given the Chinese military might on full display at the parade. Washington pundits rarely stop to ponder why Russian forces have not been reinforced with Chinese “volunteers” or military gadgetry and firepower. China-Russia interdependence is growing but not at a particularly hurried pace, and in some respects, the bilateral relationship is still vastly underdeveloped. With substantial foresight, Chinese leaders have concluded that a new cold war, however overstated, would endanger China’s prosperity and national security.