Received 29.11.2021. Revised 25.04.2022. Accepted 01.06.2022.
Acknowledgements. The study was carried out with the financial support of the Russian Foundation for Basic Research and CASS (project No. 20-511-93005).
Abstract. In recent years, Chinese capital has become a key object of Russia’s foreign investment policy in the Far East. Òhe author of the article conducts a comparative historical analysis of the effectiveness of state regulation of Chinese direct investments, their volume, geographical and sectoral structure in the Russian Far East (RFE). The first part of the article addresses to the process of the formation of Russian policy towards Chinese investments in the RFE, the evolution of its goals and means since the late 1980s until now. The author identifies four main periods in the genesis of Russian policy in this area: 1987–1998; 1999–2005; 2006–2011; 2012–present. The second part of the article examines the actual dynamics of Chinese direct investments in the RFE, the most important changes in their inflow and accumulation, the geographical and sectoral distribution. Comparison of the development trends of Russia’s investment policy and its results shows that the period in the regulation of Chinese investments in the RFE, which began in 2012, can be assessed as the most successful over the past three decades. Nevertheless, the volume of accumulated Chinese capital is not sufficient to replace the reduced budgetary investments in the macroregion and ensure its outstripping growth. The structure of Chinese investment supports the preservation of an economy based on the extraction and export of natural resources. The real dynamics of FDI from China does not correspond to the declared goals of the state policy for the development of the Far East.
Keywords: Russia, China, Russian Far East, investment policy, foreign direct investment, enterprises with Chinese investments
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