Impact of the “One Belt, One Road” Strategic Initiative of the People's Republic of China on the socio-economic development of the Russian Federation

The aim of the study is to identify objective and subjective prerequisites, as well as the consequences of the participation of the Russian Federation in the implementation of the Chinese strategic initiative “One Belt, One Road”. During the study, we set and solved the following tasks: analyzed the stages of formation and implementation of the strategic initiative in the period from 2013 to the present; studied the impact of the Silk Road Economic Belt project on the dynamics of indicators of the development of the Chinese economy; identified the main directions for the development of Russian–Chinese foreign economic relations, as well as the advantages and threats of the project implementation for the Russian economy. The multidimensional nature of the problem predetermined the need to use the provisions of theories of the world economy, state regulation of the economy, theories of international trade and international economic relations. In order to achieve its objectives, the study used a systematic approach, which made it possible to consider the strategic initiative of the People's Republic of China “One Belt, One Road” as a result of realizing the absolute and relative advantages of the participating countries and determine the nature of its impact on the dynamics of their economic development. The study concluded that the absolute and relative advantages of the Russian economy, historical and cultural factors, as well as the leading role of the Russian Federation in integration processes and in maintaining regional security within the framework of the Eurasian Economic Union, are among the prerequisites for the participation of the Russian Federation in the implementation of the “One Belt, One Road” strategic initiative. The analysis showed that the prospects of trade and economic cooperation between Russia and China within the framework of the strategic initiative “One Belt, One Road” are due to the predicted steady growth rate of domestic aggregate demand and supply, as well as the development of policy documents aimed at the formation of effective institutions that regulate integration processes.