A New Concept of China’s Economic Development and the Importance of Cooperation with Russian Counterparties for the Chinese Economy

Abstract

The subject of the study is the main provisions of the new concept of the development of the Chinese economy as a logical continuation of the construction of a socialist economy of the country with Chinese specifics. The purpose of the work is to identify the main components of the new concept of China’s economic development, as well as prospects for cooperation between Russia and its regions with Chinese companies in the context of taking into account national specifics, culture, mentality of societies for the development of partnership across the entire spectrum of economic and humanitarian ties in compliance with the principles of multipolarity on the external contour of international relations. It is proved that in the main basic sectors of the economy of the People’s Republic of China, a strategy is being implemented to preserve and strengthen the impact of the levers of public administration. The two-circuit model of the new concept of economic development of the People’s Republic of China is focused on stimulating domestic demand and consumption, the development of the domestic market as the basis for the progressive dynamics of the national economy, where the share of foreign trade in the country’s GDP is optimized to ensure unconditional compliance with economic security thresholds. The aspects of the benefits obtained by the Chinese economy from embedding the country in the process of economic globalization are investigated. The first results of China’s economic development in the first half of 2023 are analyzed. The ways of increasing economic cooperation between Russian and Chinese companies, including at the regional level, are considered. It is concluded that the priority strategic partnership of China and Russia is aimed at the modernization and progressive development of their farms and the formation of strong and competitive economies, excluding the imposition of ideological determinants or block confrontation in the relationship.