**5. Conclusions**

Debt financing of nation building in developing countries hides the risk of "debt trap" due to underdeveloped local institutions, low level of domestic savings, incompetence of authorities in debt management [28, 29]. Facing the debt challenges developing countries are tempted to put the blame on the lender, this time it's China in described cases of Sri Lanka, Pakistan, and Ecuador. Nevertheless looking carefully through the parts of Chinese "debt trap" it's seen that the customer makes the choice on the project, the contractor, and the lender, while China's terms are competitive. It is usually hard for developing country voluntary start debt reduction, so they got into "debt trap" [30].

Since 2005 Belarus attracted Chinese tied loans and funded this way more than 30 investment projects. When 5 out of them constructed by Chinese contractors could not accumulate foreign exchange revenues to repay Chinese debt, the Government of Belarus implemented the policy of avoiding "debt trap". There are 4 channels used by Belarus: 1) moving away from tied loans as part of state debt management; 2) moving away from tied loans as part of import reduction; 3) transition from tied loans to untargeted credits; and 4) transition from credit cooperation to direct investment liaisons.

Sino-Belarus industrial park 'Great Stone' is meant to play the key role in bilateral transition from credit to direct investments cooperation in order to ease debt burden. Using the role model of Singapore-China industrial park, 'Great Stone' is established to reduce the high and complex national tax burden, overcome bureaucratic barriers, lessen state interference and pressure on the business activity and

in general transfer Belarus behavioral state economy into classical market oriented [31]. As the Park is focused on new technologies the opportunity to become hightech hub can be fulfilled through establishing University in the Park. Investment potential of the 'Great Stone' is limited by the scale of sales Belarusian and Russian market. The current speed of Chinese direct investments into the 'Great Stone' industrial park cannot solve the challenge of high annual state debt repayment during 2021–2025. So some measures need to be taken like signing free trade agreement between 'Great Stone' and China in order to attract American and European enterprises to open their production bases in the Park to export to China.
