International Trade Cooperation between Russia and China under the Belt and Road Initiative in the New Global Order

Abstract

In the context of the major changes in the international order with the trade friction between China and the United States and the Russian special military operation, the global economic landscape is being reorganized, and the moves of China and Russia, as major countries along the Belt and Road, are going to affct the whole region and the world. The article analyzes the sanctions imposed on China and Russia, using ESI and RCA indices to analyze the complementarity and competitiveness of Sino-Russian trade, and concludes that the two countries have different comparative advantages and complementary economic and trade structures. At the same time, it discusses the cooperation between China and Russia in the Belt and Road Initiative, and employs the arima model to forecast the economic and trade volume between China and Russia, which predicts that the volume of Sino-Russian trade will continue to grow. Finally it deals with the changes in the global order which inflence China and Russia, the Belt and Road cooperation, as well as emergence of new global thinking.