Russian-Chinese financial cooperation: Development trends and prospects

Abstract

Subject. The article discusses the importance of Russian-Chinese financial cooperation and its impact on the economic development of Russia. Objectives. The purpose is to identify aspects of Russian-Chinese financial cooperation that have a substantial influence on the Russian economy, to develop a scientific and methodological approach to quantifying the impact of Russian-Chinese financial cooperation on the Russian economy. Methods. We employ methods of economic, mathematical and statistical analysis, and practical developments of Russian and foreign scientists. Results. Three aspects of Russian-Chinese financial cooperation are important factors that directly affect the economic growth of Russia, namely, China's direct investment in Russia, bilateral trade, and currency swaps. Russian-Chinese financial cooperation will play a positive role in promoting the economic development of Russia. Conclusions. To ensure stable socio-economic development of Russia, it is important to develop financial cooperation with China. Russia should further expand bilateral trade, make efforts to attract Chinese investment, and continue monetary cooperation with China.