Identification of the"financial cooperation" concept in the context of the development of russian-chinese trade and economic relations

Abstract

The article is devoted to the issues of improving the categorical and conceptual frame-work in the financial and economic sphere, the relevance of which is associated with the development of existing and the emergence of new forms of international cooperation. The author’s definition of “financial cooperation” is formulated and the corresponding argument of this term is presented according to the assessment of bilateral Russian-Chinese trade and economic relations, including border trade in the Far Eastern region. Conclusions are based on the analysis of a set of information sources from statistical data on the dynamics of bilateral trade volumes, conclusions obtained by Russian and Chinese researchers, as well as materials from international forums and intergovernmental agreements. The analyzed data are given before the start of the COVID-19 pandemic, since this factor had a negative impact on the decline of all indicators of the world economy and can not be indicative when analyzing changes. At the same time, it was between Russia and China that there was an almost six-month time gap in the closure of borders, which contributed to the uneven export and import transport flows. The research results of Russian and Chinese scientists and the implementation of international regulatory documents are also used to identify problems of interaction between various financial institutions in the context of digitalization of financial and trade relations and countering illegal financial transactions, as well as the possibilities of retaliatory measures against economic sanctions. Financial cooperation is considered by the authors as an integral element of international cooperation in general, taking into account the specifics, on the one hand, the geographical location and historically formed political and economic ties between neighboring countries, on the other hand, the globalization of financial institutions themselves due to the development of digital technologies and communication systems. In addition, the prospects for further development of Russian-Chinese financial cooperation after over-coming the crisis phenomena caused by the pandemic are analyzed in accordance with the directions of strategies within the framework of the Russia-Mongolia-China economic corridor “One Belt, One Road”.