Burgeoning Sino-Russian Economic Relations and the Russian Far East: Prospects and Challenges

Abstract

The colossal economic transformations and political intrusions had been affecting brutally China and the Soviet Union in the final decades of the twentieth century. Currently, Russia is a gigantic power, struggling to rebuild its economic base in an era of globalization. There are a number of significant difficulties of guaranteeing a stable domestic order due to demographic shifts, economic changes, and institutional weaknesses. On the other hand, the economic rise of China has attracted a great deal of attention and labeled as a success story by the Western world. The current growth of the Chinese economy is of immense importance for the global economy. Both nations are part of the world’s largest and fastest-growing emerging markets—member of the BRIC. Their respective GDPs are growing at an impressive rate by any global standards. Relations between China and Russia have evolved dramatically throughout the twentieth century. However, it would be fair to argue that during the past decade China and Russia have made a number of efforts to strengthen bilateral ties and improve cooperation on a number of economic/political/diplomatic fronts. The People's Republic of China and the Russian Federation maintain exceptionally close and friendly relations, strong geopolitical and regional cooperation, and significant levels of trade. This paper will explore the burgeoning economic and political relationships between the two nations and place the Russian Far East in the context of Russia's bilateral relations with China in order to examine the political, economic, and security significance of the region for both sides.