Russia and China in the 21th century. Moving towards cooperative behaviour
Silvana Malle ()
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Silvana Malle: Department of Economics (University of Verona)
No 09/2016, Working Papers from University of Verona, Department of Economics
Cooperation between Russia and China is a slow process that both countries are pursuing in a difficult context moving from different interests. Russia moves eastwards in search of new partners and tries to foster the development of the Far East. China seeks faster routes to Europe through Central Asia. Given the participation of many actors, state agencies and private companies, negotiations of the terms of trade and investment are laborious. Joint or separate participation in financing require solid legal foundations. Institutions need to adapt. Both countries want to emancipate themselves from the dominance of the dollar in international payments. Domestic national payment systems have been created and the use of own currencies in mutual transactions is on the way in border regions. Some deals, such as in gas and high speed transport, have been successfully concluded, but progress is slow not least because the countries are competitors in Asia. China is stronger in economic terms, Russia’s military power remains unchallenged. Policy dialogue is needed. The Eurasian Economic Union and the Shanghai Cooperation Organisation may provide convenient arenas for an exchange of views ahead of possible broader agreements.
Keywords: Russia; China; trade policy; transitional economies; industrial policy (search for similar items in EconPapers)
JEL-codes: F13 P27 L52 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cis and nep-tra
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