CPEC to undertake great mission of prompting economic take off of Pakistan: Analysts

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BEIJING (China) May 4 (APP): The China Pakistan Economic Corridor (CPEC) is a tangible mega project that will “undertake the great mission of prompting the economic take off and even the rise of Pakistan”, professor of international relations at Renmin University of China Wang Yiwei Thursday said.
“For China, the corridor will help to bolster the development of
connectivity in the region and achieve common development and prosperity for all countries,” according to ‘China Daily’.
He said the corridor will set a good example and prompt other countries
to follow suit.
One of the spillover effects will be that cooperation in the South Asia
region will be strengthened in three areas: development, security and governance.
“Its influence on global governance to reinforce pragmatic cooperation
between China and Pakistan will help Pakistan to break the vicious circle of long-term poverty, violence and terrorist attacks,” he commented.
Liu Ying, a research fellow at the Chongyang Institute for Financial
Studies at Renmin University, opined infrastructure construction for the corridor will develop Pakistan’s economy, and it will not only benefit China and Pakistan, but all countries along the route.
“The corridor will help cut the journey time for freight between Gwadar
Port, West China and the Central Asian regions by 60 to 70 percent,” he said.
The CPEC has become a “flagship” of the China-led Belt and Road
Initiative, according to Mushahid Hussain Sayed, a senator and chairman of the parliamentary committee on the corridor.
He said the Belt and Road Initiative – an umbrella term for the Silk
Road Economic Belt and the 21st Century Maritime Silk Road – will result in land and sea routes that will connect countries in Asia, the Middle East, Africa and Europe.
“In fact the corridor is not just about Pakistan and China, it is also
about the region. It is about connectivity, it is about corridors, it is about cooperation,” he said, referring to its influence beyond the South Asia region.
Noting the “great” location of Gwadar Port, a meeting point of the Belt
and Road routes, he said connectivity will be “key” to the initiative’s success.
“Today, the corridor is a factor of national unity in the progress and
prosperity of the people of Pakistan and the provinces of Pakistan, particularly the less-developed regions, in the quest to build a better and more prosperous future,” he said.
He recalled the reply he gave to a journalist’s question during an
address at Harvard University in March about the challenges facing the corridor.
“I said the corridor will succeed because it is a demand of our time,
and it is what the people and the region want – a better life.
“Also, the leaderships of both countries have the political vision and
determination to take this forward together, with the support of Pakistan and the people of China,” he added.
He quoted a famous maxim by Chairman Mao Zedong: “Nothing is hard in this world if you dare to scale the heights.”
According to a report by international ratings agency Moody’s, the
corridor will boost economic activity in Pakistan, whose growth rate is expected to be 4.9 percent this year.
According to Moody’s, the corridor will boost economic activity, raise
industrial production and augment development work.