WSEAS Transactions on Business and Economics
Print ISSN: 1109-9526, E-ISSN: 2224-2899
Volume 17, 2020
Comparative assessment of the potential of the regions of the zone of influence of the Great Silk and Tea Road
Authors: Natalya Lubsanova, Anna Mikheeva
Abstract: This article proposes a new approach to assessing the economic potential of the regions affected by transport corridors as part of the implementation of the Great Silk and Tea Road initiatives. The proposed methodology is based on the calculation of an integral indicator, which includes five indexes of subpotentials: industrial, labor, food, innovation and financial. To calculate these indices, we used indicators of economic development, such as the volume of gross regional product per capita, the volume of gross value added under the heading “Manufacturing production”, “Agriculture”, “Financial activity” per capita, population density, economically active population, average monthly wage, number of research and development staff. In calculating the indices, their weights were taken into account, defined on the basis of the probability approach using the matrix of paired preferences. The methodology was tested in 28 regions of China, Mongolia, Russia, and Kazakhstan in the context of five alternative transport corridors: three routes of the China-Mongolia-Russia economic corridor, the corridor "Western Europe - Western China", corridor "Dostyk-Alashankou - Mikhailovka-Uba". Prospects for the implementation of transport corridor programs are largely determined by the economic potential of the regions of the zone of influence, the efficiency of its use and the existing economic conditions. Assessment of the economic potential of the regions as a cumulative ability to carry out production and economic activities, meet the needs of the population will reveal promising areas of development, identify the problem points of implementation of programs. The effective development of transport corridors will contribute to increase international and interregional trade, including E-commerce, and investment; plays a pivotal role in integrating economies across regions. It’s results in reducing the costs of transportation, both within and across regions, improving international market access, increasing income, and reducing poverty.
Keywords: Transport corridors, the Great Silk and Tea Road initiatives, the economic potential, the China-Mongolia-Russia economic corridor, the corridor "Western Europe - Western China", China, Mongolia, Russia, Kazakhstan
DOI: 10.37394/23207.2020.17.61WSEAS Transactions on Business and Economics, ISSN / E-ISSN: 1109-9526 / 2224-2899, Volume 17, 2020, Art. #61