With the impending possibility of the country’s second currency devaluation, Belarus has decided to partner up with China to stimulate its dwindling economy, a news report said Tuesday.
The partnership between the two countries was kickstarted with a three day visit of President Alexander Lukashenko to Beijing on Monday, Kommersant reported.
With an injection of trade from China, Belarus may be able to prevent an economic collapse. In return, China will receive free access to the Russian market through Belarus’ membership in a customs union with Russia.
Experts believe that Belarus’ “strategic partnership” with China is seen as an alternative to Russian aid.
“If in 2011 Russia saved Lukashenko from the effects of the devaluation, this time around, in the case of a repeated devaluation shock, there is no guarantee that Moscow will give support,” said Andrei Suzdaltsev, a professor at the Higher School of Economics.
Suzdaltsev added that the partnership is Belarus’ way of provoking a competitive rivalry between China and Russia that would result in Belarus receiving financial support from both countries.
On Monday, Lukashenko met with Chinese government officials, including President Xi Jinping and Prime Minister Li Keqiang. During the three-day visit more than 20 agreements, documents and protocols are expected to be signed regarding trade and investment. The two countries will also issue a joint declaration outlining their relationship.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.