Both are in need of tooling up....I imagine details of contracts with Euro machinery/computer software etc will show up on the net..a hint to what degree they are putting funds to this.
Still...In Russias case..they make way more easy U.S. Dollars on the oil/gas thingy.
The need to do weapons sales is not a competition track..unless Putin really has some dark side..and is hoodwinking U.S. intel.
China may go the foreign weapons sale route.....several reasons for this in the insecure circles of the Court of Heaven in Bejing.
Russia continues to run its heavy lift Rocket/Satillite program...lots of tech perks as they continue to have a good reliable launch schedule.
China is said to be using Russian Space facilities in *Star City for EVA training and other Astronaut[Taikonaut] training.
Clearly both nations can sell weapons if they desire..several possible candidate nations...one being Saudi Arabia who is rumored to be parting company with the U.S...and may from a stronger Geostrategic projection with China.
I really do not see Russia and China joing forces or working together. Russia may right now be giving this and that to the Chinese, but in the long run China is bad news for Russia. Why? Because just north of China is Siberia - literally millions of square miles of nearly unpopulated land teeming with natural resources, especially oil. What does China need? Space and oil. In the long run, Russia's interests lay with the only country that can help it and that has an interest in helping it, and that country is the United States. As long as Russia doesn't slip into a new dictatorship (which it may), Russia and the US will eventually drift towards cooperation and perhaps even a formal alliance because of the US's need for oil from somewhere other than the middle east and because of Russia's need for protection.