Sino-Russian Innovative Economic Development Path And Benefit Research

China's economy has made great achievements in the past 30 years,but in the process of economic development,there are challenges on its sustainable and healthy development,including low value-added,low efficiency,high energy consumption and heavy pollutions.Russia is also undergoing economic transformation,both countries need to vigorously develop innovative economy,relying on innovation to promote industrial development,optimize the economic structure,and ultimately to establishes a sustained and healthy economic growth model.This paper mainly focusses on the innovative economy of China and Russia.In the part of theoretical research,this paper first summarizes the theories of innovationrelated economy,and then analyzes the paths of innovation-driven economic development from three aspects.It is believed that innovation will increase the value of enterprises,promote industrial evolution and promote economic growth.In the empirical research section,this paper establishes a Vector Autoregressive Model(VAR)for China's GDP,R&D investment and higher education investment(EDU)from 1996 to 2015,combining with the Granger test,co-integration test.It is concluded that China's investments in innovation(R&D and EDU)have positive effects on economic growth.And then establishes a VAR for Russia's GDP and its international patent applications,the conclusion is as follows: technological innovation has a positive and significant effect on promoting Russian economic growth.Combining theoretical researches and the results of mathematical models,the paper draws some conclusions and implications: the optimal path of economic transformation lies in the development of innovative economy,the core of innovative economy is to vigorously promote technological innovations and so on.Hope Those conclusions are benefit to China and Russia as well as to other developing countries.