Economic development and foreign trade: a сomparative analysis of the United States and China

Abstract

The article presents a comparative analysis of socio-economic and foreign trade relationships between the United States and the People's Republic of China, two leading countries of the world economy, which exert maximum influence on global processes in economics and politicsas well as in world trade, investment activities and scientific and technical sphere. Today, the rivalry between the two powers has also intensified in the monetary and financial aspect due to the growing importance and share of the yuan in international settlements and government reserves of many countries. This situation continues to worsen smoothly, often having a negative impact on other countries, including the Russian Federation. The purpose of the article is to explore the current state of the demographic situation, the dynamics of GDP and trade turnover of the two countries, to characterize the current situation and identify trends in its development in the medium term, which will make it possible to form the positions and policies of other subjects of the world economy to ensure their stability and balance their actions. The article concludes that both countries are currently experiencing a period of socio-economic and foreign trade turbulence, and its range has not yet shown a tendency to decrease. It is often the United States that acts as the source of this turbulence, trying to overcome the negative processes in its own economy. Therefore, it is important for third countries, for example, Russia, to take consistent measures to ensure national, including foreign economic, security. The methodological basis of the research is statistical, comparative, graphical analysis, the study of reports and archives, calculations based on data from open international statistical databases and official websites of international economic organizations, the main purpose of which is to study the economic indicators of the United States and the People's Republic of China. The study period covers 2012–2023.