THE ROLE OF JOINT VENTURES IN THE DEVELOPMENT OF THE GLOBAL ECONOMY (USING THE EXAMPLE OF CHINA)

Today, in the era of globalization, many large companies face problems scaling projects that lead to increased financial obligations. The decision to merge companies and create joint ventures comes to the rescue. Joint ventures between corporations are an integral part of modern business. Some joint ventures do not last long, exactly until one of the partners strengthens its position in a new market, while others are the basis for emerging technologies and expanding opportunities for organizations. In an effort to achieve profitable growth, many organizations create joint ventures, often in collaboration with foreign partners. Regardless of the duration of the partnership or the goals of the joint ventures, having a good reputation as a partner has become an important attribute for a large company. The relevance of the article lies in the fact that the ability to create and maintain cooperation is vital for organizations that gain a significant competitive advantage from international partnerships. Sometimes it is much more difficult to maintain a warm cooperation than to organize a successful merger, at least this can lead to legal conflicts, at most termination of business relations and deterioration of the company's reputation. This article focuses on the unique experience of setting up joint ventures in China. Today, there is a trend of starting a business in China, as China has a favorable business atmosphere, a dynamically developing economy, cheap labor and high consumption due to the growth of consumer welfare. The article presents the specifics of the state and development of Chinese-foreign joint ventures in China.