Communist
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The name would be the least of our worries. This is a realistic proposal. And what you pointed out about who would control and dominate is valid.
From the perspective of ordinary Russians and Chinese people, they would BENEFIT. This would also eleviate a major source of concern and injustice. For Russians the fear that sometime in the future a strong China would reclaim their lost land. For Chinese the resentment of many that their land was stolen. Much of the land east of Urals is unoccupied and not used to its potential. The current Russian landowners would be allowed to keep their properties -- as well as be offered employment and stakeholders in the development of unused land. This would solve the employment crisis in both countries. Racially there shouldn't be a problem as there are already many mixed-marriages. And why should there be if we consider BOTH Russians and Chinese as equally worthy human beings!
Ultimately, the individual and total welfare of both peoples will improve as the untapped land and human potential of both nations are realized. Language would not be a major issue as most people nowadays are multilingual, so we can support many languages.
In terms of governance, it would be:
ONE NATION, 4 SYSTEMS
(i.e. China, HK-Macao, Taiwan, Russia)
But the Russians feel safer and more relaxed living on Chinese soil enjoying the friendly treatment by the ordinary Chinese.
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