Trade and Economic Cooperation of China with the Countries of the World and Russia in the 14th Five-year Plan (2021-2025)

Abstract

The article analyzes the trends in trade and economic cooperation of the People's Republic of China in the 14th Five-Year Plan (2021-2025). China is the world leader in foreign trade. In 2021, China's trade volume in dollar terms increased by 30 % to reach $6.05 trillion, including exports of $3.36 trillion and imports of $2.69 trillion. According to the General Administration of Customs (GAC) of China, trade in yuan increased by 21.4 % year-on-year to 39.1 trillion yuan in 2021, while exports grew by 21.2 % to 21.73 trillion yuan, and imports — by 21.5 % — to 17.37 trillion yuan. At the same time, according to the GAC of the PRC, in 2021 the Russian-Chinese trade turnover increased by 35.8 % to 146.89 billion dollars compared to 2020. The sanctions struggle with the West makes it possible to intensify the process of Russia's Turn to the East and deepen trade and economic ties with China. The results of the analysis of China's trade and economic cooperation with the countries of the world and Russia suggest that increasing the volume of foreign trade is a necessary condition for China's socio-economic development. The priority of ensuring the growth of China's foreign trade with the countries of the world and Russia prevails in the country's foreign policy, giving this policy pragmatism and flexibility in the face of the sanctions fight against the United States and the support of strategic partners.