Regional development prospects during the formation of the Russia – China –Mongolia economic corridor

Regional and branch economy

The article reveals the basic tendencies in the development of regional economy in the conditions of the formation of the «Russia – Mongolia – China» economic corridor. This East Asian vector of cooperation becomes decisive in the foreign policy of Russia. In this connection, the Republic of Buryatia occupies a special place in the economic space of Russia, as easternmost autonomy whose territorial proximity to Asian countries enables it to act as a service provider for the Russian foreign policy in East Asia. Therefore, the main purpose of this study is to search for the priority directions and prospects of the development of regional economy in the conditions of emerging international cooperation with Asian countries in the «Russia – Mongolia – China» Economic Corridor. Special attention have been paid to the formation of a new foreign economic policy, aimed primarily at creating integration relations of economic entities of the republic with the regions of Russia and the countries of Northeast Asia. In this regard, the article describes the main directions of the program of the formation of the economic corridor between the three countries, the constraints of international cooperation. We have determined the starting projects of economic cooperation and integration of the Republic of Buryatia with NEA countries to establish business relations in the sphere of economic and international cooperation. The article proposed the basic directions, factors, indicators, projects embedded into the architecture of regional integration, the creation of a joint program of the «China - Mongolia - Russia» Economic Corridor on the Silk Road as its major content. The analysis of foreign trade activities of the republic shows the results of the development of international and interregional cooperation mainly with Mongolia and China, aimed at deepening the existing and establishing new relations with these countries. We have proposed a variant of institutional support aimed at forming a new foreign economic policy in the region. It is shown that  import substitution is the main way of export-oriented industrial development and the use of product-design approach in this case is justified. In general, in order to create a competitive economy with a diversified structure highlighted the need for structural reforms, which will allow the republic to act as an equal partner in international cooperation.