China’s OBOR, CPEC to change fate of entire region: Experts

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Banking sector in Xinjiang steps up funding to support Belt, Road projects

By Furqan Rao
ISLAMABAD, Aug 28 (APP): The One Belt, One Road (OBOR) strategy, a brainchild of Chinese paramount leader Xi Jinping may lead China to the height of superpower within next two decades by changing fate of not only Chinese nation but also people of the region as a whole, experts believe.
The people of Pakistan also feel blessed in this regard as China Pakistan Economic Corridor, a combination of roads and power projects, would steer the country out of energy crisis, thus leading to alleviation of poverty and ultimately extremism and terrorism by brining the deprived people to the mainstream.
The One Belt, One Road also known as OBOR, proposed by President Xi in 2013, refers to building a Silk Road Economic Belt and the 21st Century Maritime Silk Road aimed at building a trade and infrastructure network, connecting Asia with Europe and Africa along ancient trade routes.
More than 100 countries and international organizations have participated in the Belt and Road Initiative. China has signed agreements with more than 30 countries along the routes to jointly build the Belt and Road, and more than 20 countries have teamed up with China in industrial cooperation.
The China Pakistan Economic Corridor is also a closely related project with OBOR and is considered as a link between China’s Maritime and Overland Silk Road and Gwadar Port would form the crux of the CPEC project.
Realizing the importance of the initiative, the Pakistani government had accelerated its efforts to pave way for the CPEC by improving security through a countrywide action against militancy and extremism, bringing political unity and wooing the foreign investors to be part of the Corridor project.
Experts believed that during last three years, Pakistan achieved remarkable progress in economy and the development sectors besides improving the security situation of the country to attract foreign investment.
Time and again, the Chinese government has expressed satisfaction over the progress on CPEC – a giant leap toward economic development of the region which would deliver level playing ground for all to reap the dividends.
China also desires an end to terrorism in Pakistan as it was main hurdls for the sustainable peace and stability in the country. China was always keen for sustainable peace and stability in Pakistan, experts added.
Owing to prudent policies of the present government, the economy of Pakistan was now on the right track. China has been enjoying good diplomatic and sound political and economic relations with Pakistan for the last several decades as both the countries had similar stance on regional and international issues.
The two countries, had also enhanced economic cooperation in several fields while the CPEC project had taken the level of economic cooperation to new heights. There is a conducive ambience and climate for investment in Pakistan, which, would help woo foreign investment in diverse economic spheres.
The analysts also appreciated all the political parties and Pakistan Army for having complete consensus for fight against the menace of terrorism.
China is helping Pakistan to overcome energy shortage under the CPEC projects including thermal, wind, solar and hydel, which were being completed at fast pace.
The experts urged both the countries to work for enhancing people-to-people contact and exchange of visits at every level with a view to further fostering understanding about each other’s culture and civilizations.
The China’s economy grew at an annual rate of 6.7 per cent and political stability is indispensable for sustainable economic growth and stability.
Moreover, the Chinese government had set tangible targets to eradicate poverty from the country by 2020.