with the dissolution of the Soviet Union in the late 1980s and the early 1990s, Russia itself turned to privatization. Dissolution of the Soviet Union Unlike in the PRC, a much more extreme, highly -unregulated form of privatization occurred during the presidency of Boris Yeltsin, which resulted in asset grabs by Russians in a highly unregulated fashion and in deep socio-economic inequalities in Russia and the collapse of the economy as well as various Russian institutions. Thus, after the Cold War, the PRC emerged in a far more favourable and stable financial position. The PRC is currently seeing the fastest rate of economic growth of any large economy, several percentage points higher than Russia, which has been growing at an annualized rate of some 5–6%. The economy of Russia in the early 2000s was largely driven by demand for export of natural resources to Europe and Asia, with a gradual move up the value-added chain as Russian aluminum and steel mills upgrade to international standards. China is the growth market, and with the ESPO pipeline, Russia will continue to diversify energy exports away from Europe and towards Asia. China and the Russian Federation China and Russia share a land border which was demarcated in 1991, and they signed the Treaty of Good-Neighborliness and Friendly Cooperation in 2001, which was renewed in June 2021 for five more years. On the eve of a 2013 state visit to Moscow by General Secretary of the Chinese Communist Party Xi Jinping and President of the Russian Federation Vladimir Putin remarked that the two nations were forging a special relationship. The two countries have enjoyed close relations militarily, economically, and politically, while supporting each other on various global issues. When China attempted to build closer relations with Russia in 2013, the Russian government initially had reservations. However, the United States sanctions against Russia for its 2014 annexation of Crimea helped push Russia to a warmer relationship with China. In 2022, Russia added Taiwan to a list of foreign states and territories that commit "unfriendly actions" against its military invasion of Ukraine. See also China–Russia border Chinese Eastern Railway Li–Lobanov Treaty of 1896 between Russia and China Kyakhta trade International relations of the Great Powers (1814–1919) Ethnic Chinese in Russia Russians in China BRICS, for 21st century relations of Brazil, Russia, India, China and South Africa Notes and References Further reading Chen, Vincent. Sino–Russian relations in