Joint development of the Northern Sea Route will benefit both the Russian Federation and the People's Republic of China

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Joint development of the Northern Sea Route will benefit both the Russian Federation and the People's Republic of China 22.03.2017 11:56

Global Times: The development of the Northern Sea Route (NSR) project jointly by Russia and China can bring mutual benefit to the two countries, whether economic injections into the economy and infrastructure of Russia from the Chinese state companies or getting the PRC to get rid of the need of the use of a longer route through the Strait of Malacca with the delivery of goods to Europe. However, China's active participation, if implemented, carries with it a challenge to test the strength of bilateral relations and mutual trust, writes a publicist of the Chinese edition of the Global Times on March 14.

"The Chinese company ChinaPolyGroupCorp. announced its readiness to invest $300 million in a port facility in the Russian port of Murmansk, which is the key transport hub in the Arctic Circle", publicist Hu Weijia said. At the same time, in his opinion, China thereby gives a positive signal of its readiness for the most active participation in the development of the sea route from Northern Europe to East Asia through the Arctic.

The real practice speaks about the prospects of the Northern Sea Route. The journalist cites as an example the experience of 2015, when the Chinese company China Ocean Shipping Co sent a commercial cargo ship on a record voyage from China to Europe and back through the Arctic. The vessel passed about 20,000 nautical miles for its 55-day voyage, saving time and fuel compared to having passed the traditional route through the Straits of Malacca and the Suez Canal.

"In connection with global warming, it will be possible to deliver goods from Europe to the Pacific through the Arctic, as long as the ice melts", Hu continues. "There are reasons to believe that China is interested in participating in the development of the NSR because it saves considerable time and can help China find a way out of the" Malacca problem "that has been tormenting exporters and importers for a long time," argues the publicist.

Moreover, according to his conclusions, the development of the road can stimulate the current weak recovery of the Russian economy, which in recent years has experienced a drop in GDP due to low oil prices and Western sanctions. At the same time, Chinese participation in the development of the NSR can help pump fresh investments into the country and stimulate the development of the Russian Far East.

"The Northern Sea Route has the potential to become a new important area of cooperation between Russia and China. It is expected that the initiative of the "New Silk Road" will create opportunities for realizing the potentials of the Northern Sea Route", the Chinese expert concludes.