Western nations are referring to the China-Pakistan economic corridor as a "death trap," or a snare that can choke the economy and bankrupt a nation like Sri Lanka. How much of these assertions are true, and how much of it is fiction?
What are China's justifications for rejecting the Western viewpoint and how much weight do they have? According to China, these assertions made by Western nations are false and are a part of a plot to derail the CPEC.
Even now, when the populace is being crushed by an enormous amount of inflation, there are fears expressed about Pakistan's impending bankruptcy.
Thus, the failure to repair the supply chain and the crisis brought on by Russia's invasion on Ukraine are two factors contributing to this inflation. The threat of a direct conflict between Russia and NATO nations has eliminated any remaining obstacles.
Will Pakistan, which is mired in economic issues, be able to raise an elephant like CPEC in current circumstance? Or is it possible for Pakistan to go bankrupt like Sri Lanka?
Emissary General of China in Karachi Li Bejian said in an extraordinary meeting that countless individuals in this nation of 22 million individuals can purchase products. So nobody would need to overlook a major market like Pakistan.
Li Bejian said that Pakistan can't fail in light of the fact that the confidential area is solid here. There are businesses in each area, and that implies the nation is moving towards independence. Huge settlements likewise come from abroad Pakistanis. Not just this, Pakistan additionally has numerous companions including China, Saudi Arabia, Qatar, UAE and Turkey who know how to get along in troublesome times.
China is giving credits for China Pakistan Economic Corridor for example CPEC, however will the Pakistani economy not plunk down under the weight of these credits?
According to the general consul of China, Pakistan has received loans or other forms of financial assistance. According to him, Pakistan receives priority and commercial loans from the west at an interest rate of around 5%, compared to China's rates of 2, 3, and 3.5 percent, respectively.
China has made roughly $25 billion in investments so far, and it has done relatively little commercial lending, therefore the majority of loans are offered at low interest rates.
Only 10% of Pakistan's total foreign debt is owed to China.
According to Li Beijian, if we consider the true context, China is not in any way shackling Pakistan but rather assisting it in its development. In reality, those who oppose China-Pakistan cooperation want CPEC to fail since, in that case, whomever has provided more loans and maintained high interest rates should be held accountable for Pakistan's economic woes.
According to Li Bejian, China came to assist Pakistan in those areas, including energy, when other nations raised their hands upon hearing about it. Pakistan now has electricity plants from China. Chinese cooperation in the energy sectors of hydro, thermal, nuclear, wind, and solar has decreased Pakistan's load shedding and made it easier for common people to travel on the CPEC-related motorways.
In response to a query about the pace of CPEC under Imran Khan and under the current administration, the Chinese consul general provided an explanation. is trying to
Li Bejian, referring to the Nawaz era and the PPP government, was upbeat about the future and stated that since the coalition cabinet is made up of professionals, economic issues should be overcome.
The rising extremism in Pakistan is what the Chinese Consul General raised concern about. The world has changed, according to Li Bejian, thus it is time to bring everyone together. Only by treating everyone like a member of the family can lasting progress be achieved.