**1. Introduction**

There is a polar attitude to the raising activity of China with its 'Belt and Road' initiative in providing lending to developing countries.

On the one hand, the raise of China increased concern in Western political and academic circles [1–3]. It also reveals the Trump's Administration phobia of China global expansion using the so called "debt trap" diplomacy. The logic of the "debt trap" fear is as follows: China provides a loan tied to the implementation of a foreign project by Chinese companies, usually under the guarantee of the Government of the borrowing country. After the launch, the project becomes economically inefficient, does not accumulate the cash flow necessary to repay the loan, and the Government begins to repay the loan from the budget. This sometimes becomes the topic for discussion in the local media, blaming not the borrower with its insufficient business plan and misusing the funds, but accusing China of driving the country into a "debt trap". International media catch up these cases to show the global trend of China's rising role in lending the emerging markets and increasing the world debt. Recent studies prove that the scale of the problem is underrated, as 50% China's overseas lending to developing countries is not reported to international organizations and therefore has hidden impact on global debt [4].

On the other hand, some experts on China argue that this "debt trap" is a myth [5]. Here it can be called phobia as since so far, there has not been a single case when a country has defaulted on Chinese loans. Nevertheless, there are a number of practical examples of the debt management with Chinese lending, which are useful to consider. China's debt financed growth strategy after Global financial crises in 2008 with vivid economic results became role model for developing countries financial strategies of nation building [6].

The truth is in the middle. China is exporting its financial model of growth to developing countries not always taking into account the different political systems, public attitude to the foreign debt, and domestic authority competence which finally leads to accusing the lender (earlier international financial organizations, IMF, now China) in debt problems of some developing countries. The case of China's "debt trap" includes several parts like the choice of the project, contractor, and lender. This time it's not the issue of high interest rates which traditionally is the cause of "debt trap" in some countries like India and the Philippines [7]. Chinese lending terms including interest rates are competitive and in some cases lower than the market.

Belarus is indicative case of debt cooperation with China. This Post-Soviet country with long-term transition to democracy and market economy is trapped in state capitalism [8]. Due to Soviet heritage of the country, personal friendly attitude of the Belarus' President to China, the country has close strategic political connections with China, and it provides good environment to attract China's funds to support Belarus' economic growth. Nevertheless, facing challenges with some investment projects financed by Chinese loans, Belarus started not only voluntary debt reduction but also transition from Chinese debt to Chinese direct Investments. China-Belarus industrial park 'Great Stone' plays important role in such transition and avoiding the "debt trap".

This chapter includes several parts. The next one provides overview of China's "debt trap" demonstration cases in Sri Lanka, Pakistan, and Ecuador. Based on that, three parts of Chinese "debt trap" were analyzed. Another one describes the case of Belarus and its channels to avoid Chinese "debt trap". The last one reveals the development and role of Sino-Belarus industrial park 'Great Stone' in avoiding the "debt trap".
