The Contemporary Peculiarities and the Prospects of the Foreign Trade Cooperation Development of the Baikal Region and the Peoples Republic of China

Abstract

Nowadays, Russian-Chinese trade and economic cooperation has positive dynamics of development. In 2018, the foreign trade turnover between Russia and China accounted for $ 108,2 bln. However, notwithstanding the achieved results, there is still a number of serious problems. The main ones are an insignificant share of Russia in the foreign trade turnover of China (approximately 2 %) and raw-material orientation of Russian export to China (the share of mineral products in the export accounts for 76 %). The basis of the export and import pattern of Russian-Chinese trade is formed at the regional level. Nowadays, China is the main foreign trade partner of the Baikal Region, the share of which in the overall volume of Russian-Chinese foreign trade accounts for 5,5 % (8,9 % in the export, and 1,9 % in the import). The Baikal Region is export-oriented. Raw materials prevail in the trade pattern of the export to China, the share of which accounts for more than 90 % of the overall export. Search for directions and modernization instruments for economy and a switch over to the innovative development have become especially significant for the regions of Siberia and the Far East under the current conditions, taking into account the predictions for the global economy. The further development of the bilateral cooperation should be based on serving the interests and economic security of Russia. Thus, an advantageous direction for expansion of the trade and economic cooperation of the Baikal Region and China is an increase of the raw materials processing depth and of the export volume of the manufactured goods.