Features of the formation and development of China’s economic diplomacy

Abstract

In this article, the authors attempted to uncover the nature of economic diplomacy
by comparing scientific standpoints and the opinions of practicing analysts. The authors also
analyzed the features of the formation and development of Chinese economic diplomacy and its
role in modern international relations. This article examines new forms of cooperation between
China and other countries in the context of implementing the main ideas of the Chinese initiative
and analyzes the methods of economic diplomacy. The peculiarity of Chinese economic diplomacy
lies in its subordination to the modern foreign policy doctrine of China as well as in its methods
in foreign trade relations. A special focus in Chinese economic diplomacy is the expansion of
trade relations, the search for new partners and the market, and the granting of preferences in
trade and economic relations. The country’s economic diplomacy aims to implement a long-term
political course by choosing new forms of cooperation in the spirit of the Chinese government.
The interaction of the PRC with participants in international projects initiated by the Chinese
leadership is pragmatic and comprehensive. At the same time, analysts warn about the threat
of dependence of other countries on the Chinese economy, through the provision of generous
aid, investment, implementation of large infrastructure projects, and through other forms of
encouragement to involve the countries of the world in the network of economic dependence on
China.