Russia-China Relations: An Asymmetrical Partnership?
Due to the breakdown in relations between Russia and major Western countries, Moscow is compelled to take extraordinary measures to reorient its political, trade, and economic ties. Due to its large and diversified economy and geographical proximity, China is increasingly becoming Russia's prim...
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MGIMO University Press
2023-05-01
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| Series: | Vestnik MGIMO-Universiteta |
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| Online Access: | https://www.vestnik.mgimo.ru/jour/article/view/3369 |
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| author | Sergei Lukonin |
| author_facet | Sergei Lukonin |
| author_sort | Sergei Lukonin |
| collection | DOAJ |
| description | Due to the breakdown in relations between Russia and major Western countries, Moscow is compelled to take extraordinary measures to reorient its political, trade, and economic ties. Due to its large and diversified economy and geographical proximity, China is increasingly becoming Russia's primary partner. Therefore, assessing the main outcomes of Russian-Chinese cooperation in trade, finance, economics, and science is crucial while identifying their achievements and probable limitations for further development. China has been Russia's largest trading partner for over a decade, importing mainly mineral products while exporting advanced technical products. In 2022, statistics indicate that the roles of Russia and China in bilateral trade have remained unchanged. China has further solidified its position as Russia's primary supplier of high-tech equipment, while Russia continues to be one of China's primary sources of gas and oil. China accounts for around 20% of the total foreign trade volume of the Russian Federation, while Russia's share in Chinese foreign trade turnover is about 3%. Although evaluating mutual direct and accumulated investments is challenging, it can be argued that China is among Russia's largest investors, whereas Russia's direct and accumulated investments in China, while likely higher than official estimates, are still relatively insignificant. The scope of cooperation between the Russian Federation and the People's Republic of China in the scientific and technological sectors is narrowing, although additional incentives for expansion have emerged amid the heightened USChinese strategic rivalry and the crisis between Russia and the West. Russian-Chinese cooperation in the financial sector has had some successes, primarily the expansion of the use of national currencies in bilateral trade. However, this expansion is significantly limited by anti-Russian sanctions. In the current international climate, Russian-Chinese relations have the potential to deepen, but doing so will necessitate the creation of various mechanisms that enable large Chinese companies to avoid secondary sanctions. |
| format | Article |
| id | doaj-art-fbf019358d7d4fff98edeb7a54becbf4 |
| institution | Kabale University |
| issn | 2071-8160 2541-9099 |
| language | English |
| publishDate | 2023-05-01 |
| publisher | MGIMO University Press |
| record_format | Article |
| series | Vestnik MGIMO-Universiteta |
| spelling | doaj-art-fbf019358d7d4fff98edeb7a54becbf42025-01-30T12:16:17ZengMGIMO University PressVestnik MGIMO-Universiteta2071-81602541-90992023-05-01162658610.24833/2071-8160-2023-2-89-65-862529Russia-China Relations: An Asymmetrical Partnership?Sergei Lukonin0Primakov National Research Institute of World Economy and International RelationsDue to the breakdown in relations between Russia and major Western countries, Moscow is compelled to take extraordinary measures to reorient its political, trade, and economic ties. Due to its large and diversified economy and geographical proximity, China is increasingly becoming Russia's primary partner. Therefore, assessing the main outcomes of Russian-Chinese cooperation in trade, finance, economics, and science is crucial while identifying their achievements and probable limitations for further development. China has been Russia's largest trading partner for over a decade, importing mainly mineral products while exporting advanced technical products. In 2022, statistics indicate that the roles of Russia and China in bilateral trade have remained unchanged. China has further solidified its position as Russia's primary supplier of high-tech equipment, while Russia continues to be one of China's primary sources of gas and oil. China accounts for around 20% of the total foreign trade volume of the Russian Federation, while Russia's share in Chinese foreign trade turnover is about 3%. Although evaluating mutual direct and accumulated investments is challenging, it can be argued that China is among Russia's largest investors, whereas Russia's direct and accumulated investments in China, while likely higher than official estimates, are still relatively insignificant. The scope of cooperation between the Russian Federation and the People's Republic of China in the scientific and technological sectors is narrowing, although additional incentives for expansion have emerged amid the heightened USChinese strategic rivalry and the crisis between Russia and the West. Russian-Chinese cooperation in the financial sector has had some successes, primarily the expansion of the use of national currencies in bilateral trade. However, this expansion is significantly limited by anti-Russian sanctions. In the current international climate, Russian-Chinese relations have the potential to deepen, but doing so will necessitate the creation of various mechanisms that enable large Chinese companies to avoid secondary sanctions.https://www.vestnik.mgimo.ru/jour/article/view/3369world economyrussiachinatrade and economic cooperationsanctions |
| spellingShingle | Sergei Lukonin Russia-China Relations: An Asymmetrical Partnership? Vestnik MGIMO-Universiteta world economy russia china trade and economic cooperation sanctions |
| title | Russia-China Relations: An Asymmetrical Partnership? |
| title_full | Russia-China Relations: An Asymmetrical Partnership? |
| title_fullStr | Russia-China Relations: An Asymmetrical Partnership? |
| title_full_unstemmed | Russia-China Relations: An Asymmetrical Partnership? |
| title_short | Russia-China Relations: An Asymmetrical Partnership? |
| title_sort | russia china relations an asymmetrical partnership |
| topic | world economy russia china trade and economic cooperation sanctions |
| url | https://www.vestnik.mgimo.ru/jour/article/view/3369 |
| work_keys_str_mv | AT sergeilukonin russiachinarelationsanasymmetricalpartnership |