Abstract: The subject of the study is current Russian-Chinese relations. The article addresses the process of implementation of the most large-scale joint projects and agreements in the economic sphere. The author highlights special importance of China in the implementation of foreign policy and the economic activity of the Russian Federation, as well as possible threats to Russia associated with the enhancement of the role of China in world politics. The article analyses the areas of possible competition between Russia and China: the competitiveness in Africa, Latin America and other promising regions; it also marks the interdependence of economies of the two countries in the sphere of direct trade, raw materials and financial markets. The research methodology includes a theoretical analysis of the scientific literature and official documents on the problem; a study, generalization and analysis of information on the state of Russian-Chinese relations and possible negative consequences of this cooperation for the Russian Federation. The main conclusions of this article are the following: 1. Currently, Russia is the main priority partner of China. Besides, China occupies a key position in Russia's foreign policy. 2. The current state of Russian-Chinese relations allows us to talk about significant financial benefits derived from the implementation of projects by both countries and the strengthening of the position of the two countries in world politics in the course of this cooperation. 3. There are a lot of threats to the Russian economy from rapprochement with China but these problems can be solved by further diversification and strengthening of their own regional structures.