Currently,financial and economic cooperation between China and Russia does not correspond to their potential and is mainly limited to foreign trade in traditional goods and a small number of joint investment projects,mainly in the energy sector.The relevance of the research is due to the need for a deep comprehensive study of the factors influencing the trade between China and Russia in the context of increasing global imbalances and protectionism in the world economy,the growing shortage of resources for investment in the reproduction process and increased volatility of international financial markets,as well as building a conceptual model aimed at optimizing financial and economic cooperation between the two countries.The expansion and deepening of financial and economic cooperation of countries contribute to a fuller disclosure of the potential of national economies,increase their competitiveness and the transition of actively interacting states to the phase of advanced development.To achieve this goal,the following tasks were set and solved,which determined the logic of the study and its structure: 1)develop,using the phenomenon of asymmetric interdependence of economies,theoretical and methodological approaches to the study of international financial and economic relations,including relations between China and Russia,in modern conditions;2)identify and systematize the factors influencing the diversification and effectiveness of financial and economic cooperation between China and Russia on a bilateral basis and in a multilateral format;3)identify correlations in Russian-Chinese financial and economic relations at the present stage using econometric modeling methods;4)develop proposals and recommendations for improving and diversifying financial and economic cooperation between China and Russia,taking into account the national interests of the Russian Federation.As the result of the analysis the several points were revealed: 1)the calculations of the trade openness index confirmed that the level of openness in China decreased by 15% in 2014-2018,while in Russia this indicator increased by7.8% during this period.2)On the basis of the developed model of international trade by the type of mutual attraction for Russia’s trading partners within the EAEU,BRICS and SCO,the interrelationships between the countries belonging to these associations are identified and their impact on the volume and structure of mutual trade is assessed,taking into account the phenomenon of asymmetric interdependence.The originality of the model,in contrast to the previously used ones,is determined by the author’s selection of factors,countries,the definition of the dependent variable,as well as in the time range of observations.The developed model uses the variable "lag exchange rates",which improved its quality and confirmed the validity of the calculation results,taking into account the shift in the assessment of the impact of the exchange rate on mutual trade for several time periods.The results of the econometric analysis confirmed the trend of more active trade and economic cooperation between the countries within the framework of the BRICS and SCO associations with the participation of Russia and China than in relations within the EAEU.3)An assessment is given based on the application of econometric modeling methods of the impact of the dynamics of the Ruble/Yuan exchange rate ratio on investment decisions.4)Based on the analysis of fundamental works,the essence of the phenomenon of asymmetric interdependence is substantiated which consists in distortion,violation of the existing balance of interdependence and is in constant dynamics under the influence of various internal and external factors.