Introduction. The article examines Chinese-Russian cooperation in the space sector amid the transformation of the global governance system and the intensifying competition among great powers. The relevance of the study is due to the growing dependence of the world economy the growing dependence of the global economy and security on space infrastructure, as well as the crisis of the existing international legal mechanisms regulating space activities. Particular attention is paid to the concept of the “Global Governance Initiative” proposed by China as an alternative approach to shaping a more just and multilateral model of space governance. Methods and Materials. The study is based on a comprehensive analysis of Chinese conceptual documents, international legal acts in the field of outer space, scholarly literature on global governance and astropolitics, based on comparative and systemic approaches. The theoretical framework is grounded in the principles of realism and institutionalism within the theory of international relations. Results. The study establishes that Chinese-Russian space cooperation goes beyond the traditional logic of the balance of power and combines strategic, technological, and institutional elements. It is demonstrated that the “Global Governance Initiative” creates a new framework for understanding state interaction in outer space, based on the principles of multilateralism, sovereign equality, and the shared use of outcomes. It is also revealed that cooperation between China and Russia is viewed as an attempt to find a balance between national security and the formation of mechanisms for the collective governance of outer space. Conclusion. The article concludes that Chinese-Russian cooperation in space does not represent a closed geopolitical bloc, but rather a model of interaction aimed at reforming the existing system of global governance and adapting the international order to the new challenges of the space age.