Finance and Management - rubric Foreign economy
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Foreign economy
Kolesnikova A.V. - "The impact of the problems of the colonial past on the modern trade disputes of the Republic of Korea and Japan" pp. 42-49



Abstract: The subject of the study is the trade conflict between the Republic of Korea and Japan, affecting the architecture of global flows of high-tech components and affecting the development of the global electronics market against the background of the Covid-19 pandemic. In order to trace the unbreakable thread linking the two epochs, the author characterizes, analyzes and, where relevant, gives a forecast regarding the development of modern trade The conflict between Japan and the Republic of Korea, which is a direct consequence of unresolved disputes of the colonial era. What began as a simple continuation of a long-standing dispute over the controversial history of bilateral relations between Japan and Korea has turned into a quasi-conflict with far-reaching consequences for the architecture of economic stability and regional security in the Pacific region. The novelty of the work lies in a deep analysis of the causes of the modern conflict, the proposal of ways to solve it and forecast the development of the situation. According to the results of the study, the author came to the conclusion that due to the trade dispute, both countries faced an economic recession and a drop in trade indices, the global electronics supply chain was disrupted, and the world community expressed concerns about the threats that the trade dispute poses to global flows of high-tech components. Obviously, the scenario of escalation of the trade dispute is associated with long-term costs. Given the escalating global economic crisis, it is in the interests of both countries to come to an agreement that would put an end to the dispute.
Stepanov N.S. - Institutions for the development of the Extended Tumangan Initiative as one of the factors impacting regional economy pp. 75-88


Abstract: The subject of this article is the examination of the institutions development institutions of the Extended Tumangan Initiative and their impact upon regional economy. The relevance of this topic is associated with the fact that the creation of special economic zones, including industrial parks, has a specifically positive effect on economic development and ability of the regions to attract direct foreign investment. The countries of Northeast Asia offer the advantages of high economic complementarity, trustworthy relations that are the foundation for economic cooperation, and the experience of industrial clusterization in form of various entities that ensure optimization of the economic structure, trade flow, stimulation of investment, and strengthening of business ties. The Extended Tumangan Initiative was created specifically for this purpose, which today serves as one of the sources of economic development in the region. The article employs the methods of scientific knowledge, which are substantiated by the research tasks in determining the place and role of the institutions of the development of the Extended Tumangan Initiative; studying the content and peculiarities of assessing the development of this territory and Russia’s participation therein; for substantiating the practical grounds of this initiative as the factor impacting regional economy. Leaning on the analysis of cooperation of the member-states in the initiative, the author highlights the following priority vectors of cooperation within the Extended Tumagan Initiative: facilitation of transboundary trade; development of the system of transport infrastructure and tourism; improvement of the system of logistics and transport systems in the region; expansion of scientific and technological cooperation; solution of environmental problems of the territory; engagement of the territories of the Extended Tumangan Initiative into global economy. The author substantiates the importance of the Extended Tumangan Initiative as the only international platform for coordination of the actions of the regional countries.
Zhang S. - Trend in development of the insurance market of China pp. 85-94


Abstract: The subject of this research is the trend in development of the insurance market of China in the context of digitalization of modern financial and economic sectors. China's insurance market is quite large and promising in comparison with the markets of other countries. The listed factors define the relevance of studying its development and key trends. A synoptic analysis is conducted on the situation in China’s insurance market, including its evolution, structure, and primary market indicators, status of the leading market actors, impact of digitalization on the market, and future trend. The novelty of this work consists in a new perspective upon evolution and current state of the insurance market of China, as well as in generalization of digital development and future trends. The conclusion is made that digital technologies presented by big data, artificial intelligence, blockchain, etc., brought profound changes to the image of China's insurance industry, as well as became a new driving force for the development of an entire sector. The wave of digitalization in financial and economic sphere would contribute to the development of insurance sector, create and broaden new demands in risk management, as well as provide technical support that turns challenges into opportunities for the insurance industry. Despite the fact that over the recent years China's insurance sector has faced multiple challenges, it demonstrates the long-term development prospects.
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