Revisiting Economic Economic Cooperation between China and Central and Eastern European Countries

This study analyzes economic relations between the People’s Republic of China and Central and Eastern European countries. Central and Eastern European countries are one of China’s primary areas of interest for the development of foreign economic cooperation, due to their favorable geographic location, investment environment, and membership in the European Union, with which China has long sought to strengthen commercial and economic relations. Aim. This study aims to assess the current situation, prospects, and risks of in-depth cooperation between the People’s Republic of China and Central and Eastern European countries. Tasks. This study determines areas of economic cooperation, examines mutual interests, and analyzes the impact of China on the development of Central and Eastern European countries. Methods. This study uses the following research methods: theoretical and comparative analysis, observation, synthesis, generalization, description, and graphic simulation. Results. China’s transformation into one of the key foreign investors in Central and Eastern European countries has been accompanied by a steep increase in the volume of trade, along with an increasingly positive trade balance. China basically provides investments in exchange for finished products, while Central and Eastern European countries, whose economic growth over decades has depended on foreign investments, see Chinese investments as a new driver of economic development. High potential for better economic relations between China and Central and Eastern European countries has facilitated the development of the 16 + 1 cooperation framework and added European countries to China’s One Belt, One Road initiative. Conclusion. In view of the similarity between the People’s Republic of China’s policy in Central and Eastern Europe and that of the former Soviet Union, this study of the relationship between Central and Eastern European countries and the PCR can be used to formulate a foreign policy strategy for Russia and the former Soviet Union countries, in cooperation with China.

Central Eastern Europe, People’s Republic of China, One Belt, One Road, trade, investments, Центрально-Восточная Европа (ЦВЕ), «Один пояс один путь», Китайская Народная Республика (КНР), торговля, инвестиции

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