Tianjin, China – September 1: Indian Prime Minister Narendra Modi speaks with Russian President Vladimir Putin (L) and Chinese President Xi Jinping, who will precede the Shanghai Cooperation Agency (SCO) Summit 2025 at the Southwest Conference and Exhibition Centre held in Tianjin, China on September 1, 2025. (Photo by Suo Takekuma – Pool/Getty Images)
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Sometimes a single photo tells a story more than any communica- or summit declaration.
A widely shared clip of Chinese national president Xi Jinping, Indian Prime Minister Narendra Modi and Russian President Vladimir Putin laughs together in Tianjin.
On the surface, it seems like a simple exchange between the three leaders. But analysts say it reflects a delicate combination of competing rivals and changing power dynamics.
Ghatham Bambawale, former Chinese ambassador to India, said in CNBC’s India:
The obstacle is clear. The border dispute between India and China remains unresolved since the 2020 clash. The close partnership between Beijing and Pakistan – extending beyond the economic corridor to military equipment and intelligence cooperation – further constrains how far the bond can develop.
This week’s Shanghai Cooperation Organization (SCO) summit gave the photos background. The size and ambitions of SCO are expanding, but as Jeremy Chan of Eurasian Group pointed out, more prominent doesn’t necessarily mean more relevance.
“SCOs are commonly referred to as security organizations, but in reality they don’t focus on military issues themselves. Whether in Ukraine or Gaza, SCO is essentially absent.
The timing of the meeting is also worth noting. With President Donald Trump raising tariffs and making global markets uncertain, Beijing uses SCO to highlight outreach to the Global South. Chang said Trump is “breathing a new life” at the summit, giving China the opportunity to frame its diplomacy as more reliable than Washington’s diplomacy.
On Monday, Trump posted to the Truth Society and said India offered to reduce tariffs on US goods to zero. Describing its ties with India as one-sided, Trump said the US is India’s biggest client.
“The reason is that India has been charging us high tariffs so far, our companies cannot sell to India. It was a completely one-sided disaster. Also, India buys most of its oil and military products from Russia.
Meanwhile, photography is being scrutinized by US media. The New York Times described the interaction as “a manifestation of the Troika smile that Moscow said recently wanted to revive.” The report argued that India’s traditionally cautious bureaucracy may have once eschewed such obvious exhibits with China and Russia, but Trump’s drastic tariffs left New Delhi to curb “small incentives.”
Multipolarity, defined in different ways
For investors, interests are important. The SCO brings together economies representing almost half of the world’s population, at the heart of energy and trade flows. Such vertices are closely monitored for new alignment signals, even with limited substantial outcomes due to the threat of supply chains and markets monitoring signs of fragmentation.
In India, optics are heavy. The discussion between Modi and XI was interpreted as a reminder to Washington, as India maintained dialogue with Beijing and Moscow, deepened its relationship with the US and its allies. However, New Delhi’s decision to skip the SCO military parade highlighted the limits of any melting.
“India is using this to indirectly send signals opportunistically to Washington, meaning that not only Beijing but also Moscow has strategic options,” Chang said. Shortly after its arrival from Tokyo, Modi’s rapid exit from the summit also highlighted India’s continued involvement with Asian US partners.
At the heart of the summit was the debate on “multipolarity,” Chang added that the definition of multipolarity differs between India and China.
Beijing defines it as a system in which US control is reduced, allowing China to claim a greater range as a major Asian force. In contrast, India believes that multipolarity is spreading across many countries as influence spreads more evenly across many countries, Chan told CNBC within India.
Meanwhile, for Russia, the SCO is one of the few international platforms Putin is not defensive, highlighting its lasting relationship with Moscow’s influential Asian partners despite Western sanctions.
The photo captures all of this in a single frame. Smiles suggest harmony, but reality is much more complicated.
