Development of Trade and Financial-Economical Relationships between China and Russia: A Study Based on the Trade Gravity Model

Abstract

This article empirically assessed new opportunities and provides a conceptual justification for promising areas of trade and financial and economic relations between China and Russia amidst ongoing global turbulence, the post-COVID situation, and sanctions pressure. The study utilized the trade gravity model, taking into account the latest trends in the development of the research subject and object, as well as current challenges and trends in the global economy. The study revealed similarities between the political systems, reforms, and policies of China and Russia, with centralized power structures overlapping and supporting each other at international forums such as the UNSC. The findings suggest that both countries plan to increase trade volume in the next two years, with China focusing more on trade and economic development, while Russia works to promote security and political stability. This study provides valuable insights into the economic relationship between Russia and China, its impact on the US and Europe, and highlights the need for effective policy interventions to address the challenges posed by this relationship. It offers significant theoretical and practical contributions, including the potential to unlock the potential of national economies, increase their competitiveness and help states enter a phase of advanced and sustainable development. This article provides several policy recommendations to ensure the long-term sustainability of the economic relationship between Russia and China and foster mutual understanding and trust between their peoples. These include promoting trade diversification, enhancing financial cooperation, addressing trade barriers, strengthening political and security coordination, mitigating negative impacts on other countries, promoting sustainable development, and fostering people-to-people exchanges.

The influence of board of directors’ characteristics on corporate social responsibility disclosures in Jordanian Islamic banks

“…Table 5 presents the empirical results of regressing the independent variables on the CSR disclosure index. The R 2 coefficient is 38 percent, and the corrected R 2 is 29.6%, showing that the variance percentage is appropriate (Aksenov et al, 2023). The results of the Multiple Regressions Analysis are shown in Table 5.…”

Combining Export- and Domestic Demand-Led Growth Hypotheses: Key Sustainable Development Amidst Global Dynamics

“…In essence, ELG is a development paradigm that enhances production capacity by focusing on overseas markets [19]. The ELG hypothesis posits that export expansion is one of the main factors determining growth because a country's economic growth can be achieved not only by increasing the amount of labor and capital within the economy but also by expanding exports [20,21]. Development economists have used the ELG hypothesis to explain the rapid development of the "Asian Tigers", rapid growth can be achieved through free markets, their outward-oriented economy, and the ELG strategy [22,23].…”

Analysis of the Evolution of Foreign Trade Patterns and Influencing Factors in Henan Province from 2002 to 2021

“…Therefore, adopting a suitable and reliable methodology for this study is essential. The geographical detector model is a powerful tool for driver and factor analysis [42][43][44][45][46][47], and trade gravity models are mainly used to analyze specific commodities' evolution and influencing factors [48][49][50][51]. Therefore, this study analyzes the trade scale, pattern, and characteristics of spatial and temporal changes in Henan Province by using various statistical data and combining foreign trade dependence, RCA (revealed comparative advantage index), HM (hubness measurement index), and TII (trade intensity index).…”