Russia’s economic policy. Changes in the structure of trade. China challenges Russia in the Commonwealth of independent States region. Energy in Russia-China economic relations. Incompatibility of Russia’s economic policy with true economic integration.
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Russia’s economic policy and Russia-China economic relations 1. Due to the rapid economic growth and strengthening of the ruble, Russia’s nominal GDP almost doubled between 2005 and 2010 to reach 1500 billion dollars. This places it 11th among the largest economies. However, Russia’s - as any other country’s - economic record pales in comparison to that of China. China’s nominal GDP was nearly 5900 billion dollars in 2010, as China overtook Japan to become the world’s second largest economy after the United States. While nominal GDP provides a metric for the size and growth of the market and is thus a key criterion for companies when they make strategic business and investment decisions, a better indicator of the “true” size of the economy and how much it uses resources is the purchasing power parity adjusted GDP (PPP). By the latter indicator, Russia’s share of global output has remained around 3% over the last ?fteen years, while in the same period China’s share has increased from less than 6% to almost 14%.
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