Deepening cooperation with China in the context of its economic growth model

Abstract

The government of the Russian Federation has announced the transition to payments for energy resources supplied to the People’s Republic of China in yuan. It also provides for the use of the Celestial Empire’s currency in settlements with third countries and the rejection of the dollar and the euro. Similar processes are taking place in other member states of the Eurasian Economic Union, most intensively in the Republic of Belarus. However, the need for deepening cooperation for China itself is greatly underestimated. Beijing needs it at the current stage based on the features of the Chinese model of economic growth of the last 15 years. The article examines the role of the external and internal markets in the economic growth of the PRC, the features of the current stage, the restrictions associated with it and ways to overcome them through deepening cooperation with the Russian Federation. In this regard, bilateral cooperation is becoming a key factor for China to maintain dynamic growth rates and economic stability. For Russia, this gives an opportunity to build its own ambitious economic development strategy with the use of the potential of the Celestial Empire.