By Zhou Taidong & Zhou Yu, Research Team on “The Development of International Cooperation”, China Center for International Knowledge on Development

Research Report, No.94, 2018 (Total 5369) 2018-5-29

Abstract: China and Belarus are committed to building the Great Stone Industrial Park into an international new city that integrates five features including ecology, livability, vitality, industry, vitality and innovation and a symbolic project along the Silk Road Economic Belt. Over the last three years, the construction of the industrial park has been significantly accelerated under the promotion of the state leaders of both countries. However, the development of the industrial park is still facing many challenges. For example, the experience in the implementation of new development philosophy is insufficient, the industrial foundation of Belarus is relatively weak, fund raising is mainly made by China, the domestic market of Belarus is small in size and has limited room for further development in surrounding areas, there exist dual political risks and the products and service standards of the two sides are not in step with each other. Relevant policy options are made as follows. Both sides need to actively exchange development philosophies, and the experience of reform and development so as to push forward the establishment of market mechanism in the industrial park and industrial transformation and upgrading in a smooth way; work should be done to establish an accountability-sharing mechanism so as to properly handle geopolitical risks and the domestic political risks in Belarus; efforts should be made to push ahead with the overall standards integration of the two sides and establish joint-venture intermediary services in an orderly manner.

Key words: the Belt and Road initiative, Great Stone Industrial Park, Belarus