The article is devoted to the study of the theoretical and methodological foundations for the development of financial and economic cooperation between countries at the present stage, as well as the features of financial and economic relations diversification in order to reduce the asymmetric interdependence of countries in the face of increasing global imbalances, increased volatility of world financial markets, and the COVID-19 pandemic. The subject of this research is economic relations arising in the process of interaction between countries both on a bilateral basis and in a multilateral format. The paper deals with Russian-Chinese cooperation. On the one hand, the complementarity of the basic sectors of the economy of the two countries objectively contributes to increasing cooperation and trade. On the other hand, the asymmetric interdependence of Russia and its foreign trade partners, in particular China, contributes to the conservation of an archaic trade model based on Russian raw material export and Chinese manufacturing products. Methods for diversifying financial and economic relations are proposed, consisting in expanding the flows of foreign direct investment, using and developing technical and innovative progress, reducing transaction costs, trade and investment barriers, deepening Russian-Chinese cooperation within the BRICS, SCO and other organizations and expanding the scope of using national currencies in mutual settlements. The research is based on general scientific methods of cognition, such as analysis, synthesis, comparison, graphic interpretation of statistical information, time series. On the basis of the study, the author concluded that diversification of financial and economic relations helps to reduce the asymmetric interdependence of countries at the present stage. The novelty of the article lies in the substantiation of the phenomenon of asymmetric interdependence as a method for studying the problems and trends of financial and economic cooperation between countries, highlighting the drivers of diversification, which allows reducing asymmetric interdependence. On the basis of a comparative statistical analysis, the tendency of reorientation of Russia’s foreign economic activity towards Asian markets, in particular, the PRC market, has been confirmed.
Potential of Development of Trade and Economic Cooperation of Kyrgyzstan under Conditions of Deepening Integration