Al-Hayali D. Diversification of economic cooperation between Ukraine and the PRC in the conditions of global challenges

This thesis is dedicated to substantiating the theoretical, practical, and optimal elements required to diversify economic cooperation and identify the connection between Ukraine and China within the framework of the Belt and Road Initiative (BRI). This work discloses the main factors affecting economic cooperation between Ukraine and the People's Republic of China, the assessment of the direction of cooperation, and diversification in the economic cooperation of the two countries in modern conditions. This work also highlights ways of optimizing the implementation of the Belt and Road Initiative as a model of bi-lateral economic cooperation. Global financial inequality increasingly necessitates foreign investment in strategic national economic projects, including between Ukraine and China. Sustainable development of Ukraine is impossible without effective engagement in global financial markets, especially when securing active involvement of foreign capital. Previous experience proves that foreign investment may have number of advantages to the recipient country compared to other factors of economic development. Firstly, they provide additional sources of capital investments in the production of goods and services, sometimes in return for options on the transfer of advanced technologies, know-how, and the latest management methods. Secondly, they do not burden the state budget and do not lead to an increase in the country's foreign debt. China's involvement in the Belt and Road initiative requires worldwide economic integration and is a premise for attracting foreign direct investment in development. Ukraine plans to play an active role in the BRI as part of the New Silk Road. In order to effectively participate, maximum effort must be applied to the implementation of the project. In 2015, Ukraine joined the Belt and Road Initiative by signing the "Protocol on Cooperation within the Framework of the Silk Road" with the People's Republic of China, and currently, measures are being considered to develop and justify ways to deepen and intensify economic relations between the two countries. It is important for investment because, in order to achieve high rates of economic growth, it is necessary not only to focus on the old export model of economic development but also Ukraine must simultaneously develop sectors of the economy with high added value within the framework of the Belt and Road initiative.