The China-Pakistan Economic Corridor is the flagship project of Chinese President Xi Jinping’s ambitious Belt and Road Initiative (BRI).
China on Monday refuted criticism that the USD 60 billion CPEC has intensified Pakistan’s economic risks, saying that less than 20 percent of the current projects under the initiative are using Chinese loans.
The China-Pakistan Economic Corridor (CPEC), which connects Gwadar Port in Balochistan with China’s Xinjiang province, is the flagship project of Chinese President Xi Jinping’s ambitious Belt and Road Initiative (BRI).
As China pressed ahead with the BRI, it drew ..
It is also an effective approach for developing countries to handle the financial bottlenecks and foster growth, he said.
“Only less than 20 percent of the current CPEC projects are using Chinese loans and more than 80 percent of them are directly invested by China or using Chinese grants,” he said.
“So, these CPEC projects didn’t further increase Pakistan’s burden. On the contrary, it is strengthening Pakistan’s economy,” he said.
“It has greatly improved Pakistan’s infrastructure and power supply and of course it is welcomed by Pakistan government and its people,” he said.