The Sanctions Confrontation between China and the United States: Toward a New Architecture for the World Economy

Abstract

The paper analyzes key aspects of the sanctions confrontation between the world’s largest economies – China and the United States. It describes the causes, the course of the conflict and its likely consequences, and gives recommendations for Russia on the possibilities of borrowing Chinese experience to mitigate the effects of sanctions pressure. China’s vulnerability is noted primarily in the field of microelectronics, but the concentrated efforts of the country’s scientists and the first results in the country’s own production of microchips and processors under sanctions will allow China to reduce the risks of falling into the “middle income trap” or into a deep recession. It is shown that the sanctions restrictions imposed by the Western countries lead to negative results for them: to the consolidation of the developing world and to the formation of a new architecture of the world economy, in which the share of BRICS countries exceeds the similar indicators of the G7.