Abstract:

China’s One Belt and One Road initiative is meaningful in building new types of international relations. China and Russia share similarities in their histories of development, industrial structures, and geographical locations, which are instrumental in building the China-Russia Free Trade Zone. However, the existing structure of the merchandise trade between the two countries lacks variety. Additionally, the protectionist trade policy creates barriers to the set-up of the China-Russia Free Trade Zone. Nevertheless, building the China-Russia Free Trade Zone promotes the development of One Belt and One Road and the common progress of China and Russia and benefits the whole world. Therefore, establishing One Belt and One Road-based China-Russia Free Trade Zone is presented with both opportunities and challenges.