The two countries could really help each other. The Chinese got more money and more expertise in newer areas, the Russians have more experience and especially those preliminary groundwork done in the early 90s, which were "avant garde" at the time but now are the core of the 5th generation fighters.
It's not good to underestimate Chinese capabilities, there were a lot of money invested and clear evidences have showed their great improvements, but they cannot be seen as invincible in everything. China lacks a solid foundation compared to Russia. A lot of the technologies used in PAK-FA were already been researched and even maybe matured in the late 80s and early 90s. The collapse of the Soviet Union halted the progress and delayed the program for almost 2 decades.
On the other hand, Chinese advancement didn't really show until the late 90s and early 2000s. Most of them didn't even show until last few years. So far, there still haven't been anything groundbreaking in the aeronautical field, apart from the J-20 airframe. But the airframe can't really show much apart just being stealthy. We still have a lot to speculate in terms of engine, avionics, and radar.
The two sides should exchange technologies. Both have their advantages and disadvantages, the most important of all, both have competitor and potential enemy, USA. Right now both are going into dead loop. China seems to be struggling with engines, doesn't matter how much money and effort is poured into it, very little results seem to show (I know a lot of pro-China members will jump out shouting that China got WS-15, WS20, WS-XXXX and whatever, but for status quo, China is still buying engines from Russia). Russia has a lot of good technologies, but lack money to make them mature and commercialize. Even if they are mature technologies, the Russian air-force lack money to equip it.