Putin has clearly decided that the future of Russia lies in it's ability to forge an anti US alliance with China. The two have recently announced military agreements, including joint exercises, and I think Putin sees a close partnership as a way for Russia to regain it's clout on the world stage. It will take a decade or two for this to play out, unless the matter of Taiwan brings a crisis to a head. However, I think as long as Bush is President, China will not push that issue. They will wait to see if the US selects a weakling like Kerry in 2008 before making a military move on Taiwan.
Lets not forget that last year they had miliary exercises with Japan and S.Korea and then later with us and the UK off the Chinese coast. Or that China got the middle finger on a major oil pipe line that now goes to port for Japan and S.Korea.
Bodansky refered to the concept of a "Trans-Asian Axis" inclusive of the Terror Belt and the PRC. So, does this mean that Russia is joining up with, or, at very least, instigating, the Axis (of Evil)?