Abstract
Russia and China have long been trading partners and cooperated in most industries, including the electric power sector. Even with close and long-standing ties, the further scope of Russian-Chinese relations in the electric power sector should be defined taking into account China's currently implemented Belt and Road Initiative requiring enormous resources, particularly in commodities. An analysis of Russia's electric power market shows an imbalance between the levels of demand and supply skewing to the supply side. Russian excess supply of electricity could be feasibly channelled to China under long-term contracts. For now, such supplies have not been operated at the levels planned several years ago, which indicates low utilisation of the existing potential of cooperation between the countries in the sector. Besides, considerable potential exists for partnership between Russia and China in upgrading electric power facilities and supplying electricity equipment and its subsequent maintenance.
Highlights
Over the last decade, China has been striding ahead in its efforts to transform itself as a global power (Figure 1)
Volume 9 - Issue 27 / March 2020 571 set of tasks needs to be solved, which China is trying to address as part of the comprehensive Belt and Road Initiative (BRI)
We presented the stages of the formation and development of the modern electric power market in Russia
Summary
China has been striding ahead in its efforts to transform itself as a global power (Figure 1). The BRI project envisages the following targets: increasing trade turnover between the interested countries through elimination of trade barriers, bringing down transaction costs, improved quality and speeding up trade operations; intensifying the construction of the unified rail network and establishment of the Maritime Silk Route; fostering regional integration; increasing foreign exchange flows by transition to settlements in national currencies; development of constructive political dialogue between countries; extending the relations; building up ties between the peoples of partner countries. The base BRI scenario is constantly extended with separate programs strategically pursuing the set goals. These include programs concerning environment protection and innovation, security, etc. All of the above goals set in China are directly related to Russia, China's long-standing business partner
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