Pak-China economic relationship- A basis of closer association

BEIJING: The innovative growth points formed by China-Pakistan Economic Corridor (CPEC) will further augment economic relationship between the two countries in the future, as supplementary resources are organized for technological alliance, infrastructure expansion and various exchanges.

Wei Jianguo, Vice Chairman of China Centre for International Economic Exchanges stated on Monday, “CPEC is not targeted at any third party and is aimed at benefiting the entire region and has become an important driving force for regional integration.”

According to him, CPEC has developed in four key decided areas, including ports, transportation networks, energy and industrial collaboration.

Furthermore, the data revealed by the National Development and Reform Commission shows that till date, almost nine projects have been concluded and 13 are under construction, which has created around 70,000 straight jobs for the local people.

At present, 15 energy projects in Pakistan with the entire capacity of 11,110 megawatts are designed on precedence, of which 11 are under construction and some are under operation with an increasing capacity of 6,910MW.

Wei, also highlighted that CPEC was growth-oriented, as it had accepted highly developed technologies and pursue stern environmental fortification standards.

According to Li Gang, Vice President of Chinese Academy of International Trade and Economic Cooperation Beijing, any CPEC project, whether at the scheduling or construction phase, is equally negotiated, entirely discussed and mutually executed by the two countries. These projects are liable to implement the principle of market orientation and the international business model.

However, as a subsequent stride, China will try its level best to discover further realistic assistance with Pakistan, in the segment of poverty mitigation and healthcare by means of CPEC progress.

Also, Li Xiangyang, Deputy Director of Chinese Academy of Social Sciences’ Institute of World Economics and Politics stated that Pakistan has an extraordinary position on the Belt and Road scheme concerning its position as China’s neighbor and its significance in South Asia.

He also added, “Gracious and superior relations and assistance with Pakistan can provide a sculpt for China in its assistance with other countries in the near future.”

However, he totally disagreed with the allegation that CPEC is the reason behind the economic challenges being faced by Pakistan.