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Digest Finance
 

The strategy for developing the Russian-Chinese trade relations: prospects for cooperation in overcoming the economic crisis

Vol. 20, Iss. 3, SEPTEMBER 2015

Received: 3 April 2015

Accepted: 20 April 2015

Available online: 25 August 2015

Subject Heading: INTERNATIONAL ECONOMIC RELATIONS

JEL Classification: 

Pages: 59-72

Nikulina O.V. Kuban State University, Krasnodar, Krasnodar Krai, Russian Federation
Olgafinans@mail.ru

Luginets R.V. Kuban State University, Krasnodar, Krasnodar Krai, Russian Federation
rlv704@mail.ru

Importance Currently, the development of the Russian-Chinese trade relations focuses on strengthening the cooperation of Russia and China, both being parties to integration groups of the BRICS and APEC, which are capable of converting into an alternative and respectable competitor to the customary global economic leaders, i.e. the USA and Western Europe. In this respect, it is very relevant to elaborate strategic paths for developing the Russian-Chinese trade relations. It allows unveiling prospects for strengthening the cooperation between Russia and China in foreign trading.
     Objectives This research focuses on economic ties originating from the cooperation and collaboration of Russia and China as trade partners during the economic crisis. The research pursues formulating strategic lines for developing the Russian-Chinese trade relations by applying new formats of integration and cooperation of the trade partners in overcoming the economic crisis.
     Methods To achieve the objective, the article unveils the dynamics of the development of the Russian-Chinese trade relations, determines the key priority paths for advancing exports and imports between Russia and China at the current stage. We identify and substantiate the directions the foreign trade relations should follow in order to tackle the adverse effect of crisis phenomena in the global economy.
     Results Based on the analysis of foreign trade between Russia and China, and to overcome the adverse effect of the global economic crisis, we propose specific activities designated to improve the Russian-Chinese cooperation in trade. We conclude that it would be reasonable for both countries to direct their trade cooperation to liberalization of trading regimes, optimization and diversification of commodity composition, creating economic zones and combating illegitimate goods.
     Conclusions and Relevance The results of the research may be useful for specialists in order to formulate a strategy for developing the Russian-Chinese trade relations when priorities and balance of power changes in the global economic arena.

Keywords: strategic development, international cooperation, Russian-Chinese trade relations, export, import, trade policy

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