The article provides a comprehensive analysis of the current state of investment cooperation between the Republic of Kazakhstan and the People's Republic of China, which has become one of the key elements of bilateral relations and has a significant impact on the economic development of Kazakhstan. Based on the official statistics of the National Bank of the Republic of Kazakhstan, data from UNCTAD, the World Bank and analytical materials, the dynamics of foreign direct investment (FDI) for the period 2015-2023 is studied. It has been established that by 2023, the total volume of accumulated Chinese investments reached 24.3 billion US dollars, which makes China the second largest investor in the Kazakh economy after the Netherlands. The main share of investments traditionally falls on the raw materials sectors - the oil and gas and mining industries, which together account for more than 65% of all Chinese investments. However, in recent years, there has been a positive trend towards diversification: there is a growing interest in transport and logistics infrastructure, projects in the field of renewable energy, digital technologies and the agro-industrial complex. Special attention is paid to the role of the Khorgos - Eastern Gate special economic zone as the main platform for the implementation of joint projects, where over 300 enterprises are registered, about 40% of which have Chinese capital. Systemic barriers have been identified, including the predominance of state-owned Chinese corporations, insufficient localization of production, environmental risks and public concerns. Expansion of «green» investments, digitalization of logistics corridors, creation of innovation clusters and strengthening of participation of the private sector of Kazakhstan are proposed as strategic directions of development. The results of the research can be used in the development of state investment policy and in academic work on Eurasian integration.

AYERKEN SH.

Master's student, K.Zhubanov Aktobe regional university, Aktobe, Kazakhstan

Е-mail: shayalaaierken@gmail.com, https://orcid.org/0009-0000-7773-2654

KURMANALINA A.A.

Candidate of economic sciences, docent, K.Zhubanov Aktobe regional university, Aktobe, Kazakhstan

Е-mail: kurmanalina@mail.ru, https://orcid.org/0000-0002-0012-2775

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