The peculiarities of economic dialogue between Russia and China

Abstract

This paper examines the characteristics of economic cooperation between Russia and China. The aim of this paper is to investigate those economic peculiarities. To achieve the goal, the following tasks are set: to study the trends of developing and deepening economic dialogue between the Russian Federation and the People’s Republic of China in 2019-2021 by analyzing the dynamics of economic indicators characterizing the trade turnover and the import and export structure; to identify weak and strong sides of the bilateral economic cooperation; to consider the sphere of innovative cooperation as one of the most promising in the framework of the economic dialogue. In the course of research, the author identified the following trends: economic cooperation between Russia and China is strengthening year by year, but at the same time the uneven economic development of the two countries and structural differences between the two economies are manifested. One of the ways to overcome economic inequality could be cooperation in STI, or, more specifically, innovative cooperation between the two countries. The author analyses China’s practice in building up innovation capital through large investments in R&D, as well as increasing the share of R&D expenditure in the country’s GDP. This experience may be useful for Russia. Overall, it can be concluded that economic cooperation is beneficial for the two countries.