Sometimes one photograph tells the story better than any communique or summit declaration.

A widely shared clip of Chinese President Xi Jinping, Indian Prime Minister Narendra Modi and Russian President Vladimir Putin laughing together in Tianjin has already gone viral.

On the surface, it appears to be an easy exchange between three leaders. But analysts say it reflects a delicate mix of competing rivalries and shifting power dynamics.

Gautam Bambawale, India's former ambassador to China, told CNBC's Inside India: "The dragon and the elephant are not dancing as yet. They are just looking at each other from opposite sides of a room and trying to assess what are the implications of the relationship between the two? It's going to take time to bring the relationship back on track."

The obs

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