RESEARCH ON CHINA MONGOLIA ECONOMIC AND TRADE COOPERATION

  • Mavidkhaan Baasandulam Ph.D. Candidate, School of Business, Hunan University of Science and Technology, Republic of China, Hunan province, Xiangtan city
Keywords: China, Mongolia, Economic and Trade Cooperation, Countermeasures and Suggestions Economic integration

Abstract

Since 1978, China's economy has opened to the world. Over the past 40 years, China’s capital stock has grown at an annual rate of 6.9%. China began to implement the “Going out” policy in 2002, mainly to promote its overseas investment activities. The Chinese government launched a rescue plan of 4 trillion yuan in 2008, hoping to shift from export led growth to promote the expansion of the internal market. In this paper, China imports to Mongolia have increased year by year, accounting for 33.5% of its imports in 2018. China has pledged to invest globally by 1.25 trillion USD in 2025, and has increased investment in Mongolian mineral deposits. When the Chinese economy was in the “New Normal”, it proposed the “Belt and Road” initiative. To strengthen the connection between the “Belt and Road” and the “Steppe Silk Road” initiative, 32 projects will be implement in Mongolia. After reform and opening up, China has made great achievements. But, the upgrading of industrial structure and technological progress are still slow, economic growth continues to slow down, the aging population is becoming more serious, and the production capacity is seriously surplus. From Mongolia, there are abundant natural resources, and the mining industry is driving economic growth. The economic growth rate is relatively fast, but the industrial structure is single, the evolution of the industrial technology system is stagnation, and the human resources are insufficient, resulting in excessive dependence on foreign trade. The economic situation depends on the neighboring countries, the inflation is serious, and the unemployment rate remains high. Therefore, under such circumstances, China and Mongolia should make good use of the geographical advantages of their neighbors, enhance mutual trust, strengthen economic trade cooperation, maintain the unity of their countries and maintain the strategic balance of international power and jointly create political mutual trust and economic cooperation. This paper takes China Mongolian cooperation as the main research line, and explores new ways for economic and trade cooperation to promote the upgrading of industrial structure and sustained economic growth of the two countries. In addition, as the main component of the “Belt and Road” initiative, Mongolia strengthens economic and trade cooperation with China and promotes the improvement of the level of cooperation between the two countries, and can also achieve long term common development.

References

L. Begzjav. “Mongolia China Cooperation 1949-1999” [M]. Ulaanbaatar, National University of Mongolia, 1999

Historical relations the People’s Republic of China and Mongolia (1949-2014) [M]. Ulaanbaatar, National University of Mongolia, 2015

E. Borshilov, N. Ulzii-Ochir. “Analyzing the Impact of Mongolia’s Trade Costs” [J]. Northern Asian Economic Review, 2016

T. Battsetseg. “Mongolian China Regional Relations” [J]. Institute of International Studies, Mongolian Science Academy, 2012

B. Bayarkhuu. “OBOR and Mongolia” [J]. Mongolian Economy, 2018

N.Lkhamsuren. “China Mongolian Russian Trade Development Model under The Perspective of China Mongolian Economic Corridor: Analysis Based on Gravity Model” [D]. Inner Mongolia University, 2017

Bao Ming Qi. “Sino Mongolian Economic and Trade Cooperation Research” [D]. Jilin University, 2016

Shiro Armstrong. “Measuring Trade and Trade Potential: A Survey” [J]. Asia Pacific Economic Papers -2007

“Near 2014” International forum, Proceedings of the conference, 2014

B. Sanjmyatav. “World Economics” [M]. 2014

B. Sanjmyatav. “Diplomatic and International Negotiations” [M]. Ulaanbaatar, 2018

O. Oyun. “Mongolia China Trade and Economy cooperation Some Problem” [J]. Inner Mongolia University, Center for Mongolian Studies, 2018

Qian Shen. “Analysis of Sino-Russia-Magnolia Trade Cooperation Potential: Based on the Perspective of Trade Gravity Model” [J]. Advances in Social Science, Education and Humanities Research, volume 91, 2016

B. Batmunkh. “Research of macroeconomic factors” [J]. Ulaanbaatar, National University of Mongolia and National Statistical Office, 2010

Published
2020-08-21
Citations
How to Cite
Mavidkhaan Baasandulam. (2020). RESEARCH ON CHINA MONGOLIA ECONOMIC AND TRADE COOPERATION. International Journal of Innovative Technologies in Economy, (4(31). https://doi.org/10.31435/rsglobal_ijite/30092020/7157
Share