Economic Cooperation Between Russia and China in the Context of Modernization of their National Economies

Abstract

The current model of state regulation in China has allowed it to take a special place in the modern process of reformatting the system of international economic relations. This model, based on a combination of strategic and indicative planning, market competition, and targeted lending to significant government projects, allowed us to ensure not only the growth of consumption, but also the development of investment platforms aimed at reducing risks, creating social entrepreneurship institutions, and so on. Strengthening economic cooperation between the PRC and the Russian Federation is an important factor in solving not only the internal problems of both countries, but also strengthening stability in the far Eastern region. The article analyzes the problems of Russian-Chinese cooperation related to the increase in financial flows between the two countries, mutual investment, the lack of existing bilateral effective and reliable settlement channels and payment systems, etc. In General, strengthening cooperation between Russia and China is an important component of the structural modernization of the domestic economy.