BEIJING, September 23. /TASS/. Favorable opportunities of Sino-Russian projects in coupling of the Belt and Road Initiative and the program of the Eurasian Economic Union (EAEU) outweigh the challenges that the two countries face, Senior Researcher at the Chinese Taihe Institute, an expert at the Eurasian Institute of Social Development at the Development Research Center of the State Council of China Ding Jianwei told TASS.
“It should be noted that the trend of expanding cooperation between China and Russia at the level of regions is uncontainable. And though in strategic coupling of projects in the One belt one union format (programs uniting Belt and Road and the EAEU are meant – TASS) with the participation of two countries there are difficulties the cooperation opportunities still outweigh challenges,” he said.
The coupling of such projects should be considered “as a new engine of the Sino-Russian relations that ensure new cooperation framework” and it will contribute both to strengthening of economic ties and maintaining stability, the expert noted, adding that “this is of great importance for development, cooperation and prosperity of the whole Eurasian continent.”
The pandemic and the Ukrainian crisis have seriously influenced the stability of international supplies, while geopolitical games have affected the globalization process, Ding Jianwei stressed. “This will possibly lead to regionalization of Chinese supply chains [of projects] of the Belt and Road [initiative], especially under the pressure being placed by the US on a respective high-tech strategic segment,” the expert explained. Insufficient balance in the structure of trade, cultural and legal differences may become a constraining factor complicating the coupling of those programs of the Sino-Russian trade and economic development, he added.
“However, if China and Russia fully use their own advantages, strengthen the strategic dialogue, form communication, ensure uninterrupted trade, financial integration and maintain interpersonal contacts, as well as concertedly create a single legal base and technical standards in the economic space, ensure the scale and level of investment in expansion of infrastructure construction, the roadmap on coupling of the strategies of economic development of the People’s Republic of China and Russia will be definitely implemented,” the expert concluded.
The Belt and Road Initiative is a concept proposed by Chinese President Xi Jinping in 2013. Its goal is to intensify international trade and investment projects involving a large number of nations along with the use of Chinese and foreign capital. Over 150 countries and more than 30 international organizations have already joined the initiative.
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