Both China and Belarus have aggressively pursued economic cooperation since they upgraded their bilateral relationship to a comprehensive strategic partnership in 2013.During President Xi’s visit, China signed an estimated 15.7 billion USD worth of infrastructure investments and trade deals with Belarus. One such deal, for a shipment of 4 million tonnes of potash over 5 years, was worth 1.3 billion USD. China also extended 5.5 billion USD in loans to Belarus, with 1 billion USD to finance Belarusian banks. Not only do these economic linkages with China allow the Belarusian economy to reduce its dependence on the troubled Russian economy, the planned modernization of Belarusian infrastructure will help Belarus to accelerate its economic development. Also, as with Kazakhstan, the improvements in its infrastructure will allow Belarus to leverage its strategic geographical location to become a key hub for overland trade between China and Europe. Trade between Belarus and China expanded from just 34 million USD in 1992 to almost 4 billion USD in 2014. China is now Belarus’ largest Asian trading partner and fifth largest global trading partner. Chinese investment in Belarus has been growing since 1992, and currently stands at over 400 million USD. To facilitate trade and investment, China’s and Belarus’ central banks have signed a 1.15 billion USD currency swap agreement.
Like Kazakhstan, Belarus has been a key supporter of the Silk Road Economic Belt. Belarusian President Alexander Lukashenko has highlighted the primary importance to the success of the Silk Road Economic Belt of the construction in Belarus of the land transportation infrastructure of highways and railways, as well as infrastructure for air transportation. For its part, to further enhance China-Belarus cooperation, China will align its Silk Road Economic Belt projects in Belarus with the Belarusian government’s national development plans, including President Lukashenko’s strategic vision of economic integration across Eurasia.Such alignment can be seen in cooperation between China and Belarus in key social development projects like the construction of low-income housing. China and Belarus are also exploring cooperation in science and technology as well as tourism and other forms of cultural exchange.To deepen Sino-Belarusian economic cooperation, President Xi has called on local governments in China and Belarus to explore opportunities for investment and other modes of economic cooperation at the local government level.
Like Russia, Belarus’ support of Chinese economic engagement has been intensified by Western sanctions. Belarus has suffered international isolation since 2010 when the US and the European Union (EU) imposed sanctions on the Lukashenko regime following its crackdown on the opposition. While the Belarusian economy has been propped up by Russia—whose economy has itself been negatively impacted by Western sanctions—the Belarusian government is seeking to diversify Belarus’ economic lifelines by encouraging investment from China. Chinese investment is particularly attractive given the Chinese government’s stand against foreign interference in a country’s internal affairs, including interference over human rights.
The major site of Sino-Belarusian economic cooperation is the Great Stone Industrial Park near Minsk, which is being positioned by China and Belarus as a flagship project of the Silk Road Economic Belt. Its importance is such that its success will showcase to the rest of the region the economic benefits of engagement with the Silk Road Economic Belt. Costing an estimated 5 billion USD, Great Stone Industrial Park will locate Chinese manufacturers within 170 miles of Poland and Lithuania, both gateways into the EU, as well as offer customs-free entry into the Russian and Kazakh markets of the EEU. It will also allow these manufacturers to enjoy the cost benefits of the educated Belarusian workforce, whose wages cost approximately half that of their Polish counterparts. Belarus, in turn, seeks Chinese investment to stimulate its economy. The first stage of Great Stone Industrial Park is anticipated to be ready by 2020 and the second stage by 2030.Even before the scheduled 2020 completion of the first stage of the industrial park, President Lukashenko has sought the expansion of the Great Stone project. The Belarusian president has been inspired by China’s economic reforms for his government’s restructuring of the Belarusian economy. In particular, China’s successful implementation of industrial parks inspired the Great Stone project, which President Lukashenko expects will contribute 50 billion USD in exports to the Belarusian economy.
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