Open AccessOpportunities and Challenges of Sino-Russian Economic and Trade Cooperation Under the Background of COVID-19 Epidemic
Author(s) -
Feng Anquan
Publication year - 2020
Publication title -
izvestiâ uralʹskogo gosudarstvennogo gornogo universiteta
Language(s) - English
Resource type - Journals
eISSN - 2500-2414
pISSN - 2307-2091
DOI - 10.21440/2307-2091-2020-3-149-154
Subject(s) - china , international trade , agriculture , product (mathematics) , covid-19 , bilateral trade , business , economic growth , economics , geography , medicine , geometry , mathematics , disease , archaeology , pathology , infectious disease (medical specialty)
Objective. Development Trend of Sino-Russian Economic Cooperation Under the Background of COVID-19 Epidemic. Мethod. This paper uses interdisciplinary research methods and comparative research methods. Results. In 2019, the trade volume between the two countries exceeded $110 billion for the first time. China is Russia’s largest trading partner, while Russia is China’s 10th largest trading partner. In recent years, the trade quota has grown strongly, and the potential for cooperation between the two sides is huge. Energy machinery and electricity are dominant, and the trade structure tends to be stable. Agricultural cooperation goes deep and practical, and effectively responds to challenges and risks. Service trade has been accelerated and the economic and trade fields have been continuously expanded. Solidly promote the construction of large projects and lay a solid foundation to help development. Sign the future cooperation plan to ensure the practical advancement of the project. Conclusions. With the impact of the COVID-19 epidemic, Sino-Russian trade in the first half of 2020 was $49.2 billion, down 4.3% year-on-year, but in July the bilateral trade resumed its rapid growth momentum. In July 2020, China-Russia trade volume was $9.7 billion, an increase of 5.4% year-on-year. Cross-border E-commerce trade has developed rapidly. Agricultural product trade has become a new bright spot in bilateral trade.