Russian President Vladimir Putin has been taking a lot of heat on Ukraine. But he has maintained the rhetoric riling against the threat of sanctions if he tries to invade Ukraine. Putin faced no such confrontation when he held talks with Chinese President Xi Jinping via a video link.

Chinese media reported both countries are "holding hands even tighter" to boost their strategic partnership to help anchor a "chaotic world in this turbulent era." (https://global.chinadaily.com.cn/a/202112/17/WS61bbf58aa310cdd39bc7bf64.html)

The growing closeness between the two is likely to embolden Russia's foreign policy and it could have significant implications for geopolitics of the world. The Chinese media has been talking about the growing warmth between the two leaders. They could be coordinating very closely on global issues. For instance, both the leaders skipped the G20 and COP26 events when most of the world's leaders were part of these summits.
And when most world leaders will skip the Beijing Winter Olympics in February with some boycotting them diplomatically, Putin will be travelling to Beijing to cement the relations further.

China has come out openly in support of Russia on its demands from the Nato for security guarantees and on Ukraine with Xi saying that he "understands Russia's concerns" on the issue. President Biden's recent summit of democracies also came up for discussion with both leaders opposing interference in other countries' internal affairs in the name of "democracy" and "human rights." (https://www.washingtonpost.com/world/russia-china-putin-xi-olympics/2021/12/15/107b9726-5d84-11ec-b1ef-cb78be717f0e_story.html)
For instance, China-Russia trade will likely hit an estimated $140 billion in 2021, the highest ever, in 2022. China is Russia's largest trading partner for more than a decade now it is likely to become even bigger. (https://www.globaltimes.cn/page/202112/1241690.shtml)

But experts say that both countries are unlikely to have an open agreement on coming to each other's aid in the event of a military conflict, as that could open new fronts. (https://www.cnbc.com/2021/12/17/china-and-russia-likely-wont-support-each-other-militarily-analysts.html)

Read more:

Russia-China alliance poses a defining challenge for the West:
https://www.arabnews.com/node/1988191
On the trade front, Russia is likely to look at China for more exports and it was one of the most important points of discussion.