China's investment policy in Central Asian region at the beginning of the XXI сentury

The article discusses the main directions of Chinese investment in the countries of Central Asia, as well as the prospects for cooperation between these countries. The role of China in the development of the modern economy is steadily increasing, and therefore the vector of investment cooperation with this country is one of the fundamental ones for the countries of Central Asia, which, in addition, are China’s neighbors. For China, which has a very limited supply of natural resources, these countries, rich in oil, gas, and other resources, are becoming of strategic importance. Purpose of the study: based on a study of sources and historiographic materials, to consider the investment policy of the People's Republic of China in the Central Asian region at the beginning of the 21st century. Research materials: the work is based on the study and analysis of statistical materials and historiographic literature. Research results and scientific novelty: it was revealed that China’s investment policy in 5 independent Central Asian republics – Kazakhstan, Uzbekistan, Turkmenistan, Tajikistan, and Kyrgyzstan, which arose in the post-Soviet space in 1991 after the collapse of the USSR, took place in three chronological stages - from the formation of independent Central Asian states in 1991 to today. These stages reflected the process of changing the role and place of the Central Asian region in China's foreign policy and corresponded to the 3 stages of economic policy pursued by Beijing in this region. The study shows the systematic, large-scale, and long-term nature of China's investment policy in Central Asia, pursuing both current commercial and strategic goals; the interests of Beijing's financial activity in this region have been identified; possible challenges that the Chinese “offensive” poses to the Central Asian republics are formulated. The results obtained are important for understanding the nature of Central Asian-Chinese relations at the beginning of the 21st century and make it possible to develop recommendations to prevent the transformation of the Central Asian states into a raw materials appendage of China and a springboard for the Celestial Empire and the implementation of more effective economic policies by the countries of the region.