The leaders of Russia and China met Wednesday in Beijing and called for close foreign policy coordination, as concerns grow about possible conflicts with the West over Moscow’s invasion of Ukraine and Beijing’s rising threats against Taiwan.

At their morning meeting, Xi Jinping and Vladimir Putin discussed trade and the 10th anniversary of Xi’s trademark Belt and Road Initiative that has built highways, ports and power plants across Asia, the Middle East and elsewhere.

The policy has left many states deep in debt to Chinese banks, and the attempt to pump new life into it comes at a time when China’s own economy has slowed considerably due to huge overinvestment in real estate.