Foreign Economic Relations of China and Russia and Prospects of Sino-Russian Economic and Trade Cooperation

Abstract

Over the past 30 years, economic globalization has significantly increased the pace of global economic growth, allowing emerging market economies to gain opportunities for economic development and economic modernization. After joining the WTO, China and Russia accelerated the development of foreign economic relations, while promoting the reform of the domestic economic and trade system, especially the signing of a number of bilateral and multilateral free trade agreements, which, in turn, gave a new impetus to the development of the world economy. In recent years, economic globalization has increasingly been challenged by unilateralism and trade protectionism. The attempt by the United States to use the Russian-Ukrainian conflict to divide the world economy is the biggest problem facing economic globalization now and in the future. China and Russia have always been firm supporters of globalization, opposing economic hegemony, unilateral sanctions and any actions that divide the world economy. Since the establishment of diplomatic relations between China and Russia, with the continuous improvement of bilateral relations, economic and trade cooperation has repeatedly gone against the tide to help the two countries achieve economic development and overcome the economic crisis. Against the background of repeated local outbreaks of the Covid-19 epidemic in China and tough sanctions against Russia, Sino-Russian economic and trade cooperation continues to trend towards rapid growth. In the future, China and Russia will seek new opportunities for cooperation in the face of uncertainty and contribute to the sustainable development of the global economic system.