Prospects for Economic Cooperation between Russia and China in the Current Geopolitical Situation

Abstract

Introduction. The article examines the topical issues of relations between the two countries amidst the current foreign policy situation. Relations between Russia and China are of great importance for both countries as well as for the global political and economic situation as a whole. Cooperation between these two largest states plays an important role in the formation of multipolarity in the world arena, weakening unipolar tendencies. The article analyzes the main aspects of cooperation between Russia and China, the components of their mutually beneficial partnership, and considers the challenges and prospects that both countries face in the changing geopolitical situation. Particular attention is paid to the economic and political aspects of interaction between Russia and China, and potential ways to strengthen and expand cooperation in the future are identified.Materials and methods. To analyze the current dynamics of bilateral relations, analytical methods of processing statistical data provided by government agencies of the Russian Federation were used, as well as the method of mirror statistics in order to identify the positions and shares of Russia in the geographical structure of China's foreign trade partners based on information provided by the State Customs Service of China. The paper also presents data obtained through expert assessment and social surveys. To conduct a systemic analysis, the authors applied the methods of induction, deduction, generalization, synthesis, and comparison.Results of the study. In the course of the study, the foreign policy agenda of the Russian Federation and the People's Republic of China was analyzed, and the areas of cooperation that are of greatest mutual interest to the two countries were identified - trade, investment, implementation of joint infrastructure, energy and other projects in the real sector of the economy.In addition, the authors of the article analyzed the dynamics and structure of bilateral trade and economic cooperation between Russia and China; factors of growth in trade turnover, Russian exports to China and Russian imports from China were identified. Next, the largest Russian-Chinese investment projects in the automotive industry, fuel and energy complex and infrastructure were considered. As a result, an assessment of the prospects for further development of bilateral trade and joint projects in the concerned areas was made.An analysis of the data obtained as part of a sociological survey was conducted, which made it possible to identify the most popular areas of cooperation between the two countries that are of greatest interest to the population of the PRC in the foresee[1] able future, including the creation of new transport corridors within the framework of the conjugation of the One Belt, One Road projects and the Eurasian Economic Union.Discussion and conclusion. Economic relations play a key role in the agenda of bilateral cooperation between Russia and China and have a multifaceted nature. The projected economic growth of Russian-Chinese cooperation in 2024 and beyond presupposes diversification of the structure of bilateral trade and an increase in the volume of goods and services offered. In the context of this forecast, special attention is paid to the focus on increasing gas exports from Russia to China, which leads to an expected increase in the share of gas supplies compared to oil supplies. In addition, an important factor contributing to the stimulation of economic growth is the increase in the volume of Russian agricultural exports to China, as well as the development of cooperation in the services sector.In order to achieve even more impressive results of economic cooperation with Russia's eastern neighbor, it is necessary to pay attention to solving urgent foreign trade problems of a structural nature, namely, working on export diversification and increasing the competitiveness of the expanding range of goods and services supplied to the Asian market. It is also necessary to provide comprehensive measures to support promising manufacturing and service sectors for export. The increase in trade turnover between the two countries stimulates the development of investment partnerships and the growth in the number of jointly implemented projects in the production and infrastructure sectors, which, in turn, creates conditions for deepening interregional cooperation and the formation of a more predictable and stable world order in the foreseeable future.