Priorities of Economic Cooperation Between the Russian Federation and the People’s Republic of China in Modern Conditions

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In modern conditions, close relations between the two member states of the UN Security Council - Russia and China, are a unique phenomenon and open up tremendous opportunities for the transformation of the existing system of international relations and the transition to a new era. In addition to the obvious prerequisites for cooperation, such as a common border, both powers are in a state of confrontation with the West, oppose interference in their internal affairs, and therefore seek to pursue an independent sovereign policy, defending their own national interests.The purpose is to study the priority areas of Russian-Chinese cooperation in the context of a pandemic and the prospects for this relationship.Objectives: consider the dynamics of trade between Russia and China from 2016 to 2020; to study and visualize the dynamics of the trade balance for 2016-2020; explore the prospects for long-term trade and economic cooperation between the Russian Federation and the People’s Republic of China.Methodology. The article uses the method of statistical analysis of data from the Russia and the China on such indicators as the share of the PRC in the export / import of the Russian Federation, to study the trade balance of the two countries; used the method of comparative analysis of the dynamics of trade between Russia and China for the period from 2016 to 2020, an illustrative-graphical method.Results. Cooperation is based on interaction in various areas, which include joint integration projects and initiatives, which is a feature of modernity and the development of global foreign economic relations. Both sides - Moscow and Beijing - are interested in developing cooperation in the economic sphere, however, their interaction in this area should be more diversified in order to meet the needs of both states in the future and meet their national interests without prejudice to each other. It is necessary to increase the pace and expand the spectrum and boundaries of investment cooperation, extending it to new areas of interaction.Conclusions. It is concluded that the Russian Federation and the PRC are strengthening their partnership, implementing large-scale economic projects, investing in new priority areas: technology and space. The practice of bilateral interaction testifies to the readiness of countries for long-term projects that open up prospects in the economy.