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A Peek Into China's Audacious Strategy to Boost up Pakistan Economy
File Photo of Pakistan's Prime Minister Nawaz Sharif and Chinese President Xi Jinping (Photo by Jason Lee - Pool/ Getty Images)
New Delhi: Charting out a 21st century Silk Road, China’s multi-billion-dollar plan to change the tides of world economic order were cemented in the two-day ‘One Belt, One Road’ gathering in Beijing on Sunday, which India did not participate in.
One of the important aspects to China’s path of global dominance happens to be the deal it has inked with Pakistan. The China-Pakistan Economic Corridor (CPEC), a Pakistan media report revealed, contains details that have not appeared in public domain so far.
The report says that the plan suggests “deep and board penetration of most sectors of Pakistan’s economy as well as its society by Chinese enterprises and culture”. India’s arch nemesis is, if the CPEC document is to be believed, all set to embrace the Dragon in letter and spirit.
The CPEC outlines a detailed plan to include China in every spectrum of life in Pakistan. Take agriculture, for instance. Not only will Chinese enterprises provide seeds, fertilizers, pesticide and credit for farms in Pakistan, they will also offer processing facilities.
According to the CPEC, those entering agriculture must make the most of ‘free capital and loans’ from the Chinese ministries as well as China Development Bank. The report further states that China, according to the plan, has shown great interest in textiles too. Additionally, the plan also talks about a long belt of coastal enjoyment and many recreational activities and places like cruise homeports, yacht wharfs, theatres, golf courses, spas, hot spring hotels, etc.
The report published on Dawn.com also says that the Chinese enterprises have been asked to respect religions and customs of the local people. In industry, China plans to build a pilot safe city in Peshawar which faces a challenging security situation in northwestern Pakistan.
Pakistan has been divided into zones, including specific focus on mineral extractions, potential for chrome ore, and diamonds. One of the zones has been earmarked for textiles, household appliances, and cement. The plan, media report cites, also recommends that Pakistan should develop petrochemical, iron and steel, harbor industry, engineering machinery, auto and auto parts trade.
According to the report, the CPEC also ‘envisages a terrestrial cable across the Khunjerab pass to Islamabad, and a submarine landing station in Gwadar, linked to Sukkur. From there, the backbone will link the two in Islamabad, as well as all major cities in Pakistan.’
The China Development Bank has also drawn a financial risk and debt analysis with respect to its investments in Pakistan. While it speaks of free loans and subsidies, the CPEC also states that Pakistan must bear some responsibility too by issuing sovereign guarantee bonds. The investment is said to have come with riders.
Chinese experts have said how Chinese president Xi Jinping is channelizing all his focus on creating a ‘new globalization 2.0’. The new economic order that China wants has been met with both rebuttals and encouragement.
India, on its part, has said no to ‘One Road, One Belt’. Australia, too, has rebuffed China’s invite. Russia, US, Japan, UK, Germany and France are said to be treading on cautious lines, but were ardent participants in the Beijing summit.
“When the wind of change blows, some build walls while others build windmills,” said Chinese premier Li Keqiang. The country seems to be setting up as many windmills as possible.
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