Study Of Trade Complementarity Between China And Russia

After Russia's accession to the WTO,China and Russia have formed more intimate bilateral trade relations,really important trading partnership and a number of new and expanding industries within one large economic system.With the development of the world economy,Sino-Russian mutual trade continues to grow.In the field of goods export,Russia is the fourth largest China's export direction after Japan.As for goods import,Russia is the third largest shipper in China.Nowadays China is the largest developing country in the world with its rich market and abundant resources,but it lacks advanced technical support,has low added value of products,shortage of mineral resources,etc.At the same time Russia has a high level technical manpower which helps to promote the complementarity of the two countries in their foreign trade relations and the development of trade between them.At the 8th Sino-Russian economic and industrial summit,Vice Premier Wang Yang pointed out that by 2020 the bilateral trade turnover between China and Russia will exceed 200 billion US dollars.Bilateral trade coordinates show that the trade competitiveness between China and Russia is constantly declining.The bilateral trade competition index fell from39.36 in 2004 to 27.5 in 2017.At the same time,the trade complementarity between China and Russia has been continuously strengthened,as the demonstrating trade complementarity index rose from 23.52 to 51.24 in 2017.To sum it up,general development direction of China-Russia trade relations is towards more complementary and less confrontation.This study discusses the competitiveness and complementarity in trade relations between China and Russia,as well as their existing problems,on the basis of theoretical analysis,using the latest data and various trade indexes,quantitative analysis of the development status and taking into consideration development potential of bilateral trade between the two countries.The study explores current bilateral trade status,reveals the competitiveness in trade and similar export industries in Sino-Russian trade.On the ground of theoretical practice and data collection,after researching competitiveness and complementarity in bilateral trade between China and Russia the study summarizes how to strengthen the complementarity,weaken the competition and respond to the crisis by working out new ideas strategies.With a help of a qualitative analysis of the specific problems faced by the trade development between the two countries,the study also considers the economic,political and cultural differences between China and Russia;issue of ?grey customs?clearance,complicated customs procedures;bilateral trade structure and the quality of goods;trade service system etc.The study reveals a number of problems of imperfect supporting facilities and a low compromise degree in bilateral trade system which prevents the development of Sino-Russian trade relations.The study provides suggestions for these issues from the following perspectives.First of all,this study believes that we should attach importance to the political and cultural ground of Sino-Russian relations and provide a better environment for Sino-Russian trade development.Secondly,we need to promote the improvement of bilateral trade system and the standardization of order.Thirdly,we should improve bilateral trade facilities and public services.Fourthly,we should try to improve the bilateral trade structure and improve the quality of trade turnover.If these ideas can be implemented,the bilateral trade between China and Russia will enter a new era of its development.