Sunday, October 24, 2021

Chinese Economic Corridors With India, Pakistan, Russia Will Revolutionise Trade, Technology

The China-Pakistan Economic Corridor (CPEC) has set an example for the rest of the world. Through the China-Pakistan CPEC initiative, the global economic patterns will change and trade will take on a new shape, says the Chinese Global Times.

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The article published in the Chinese Global Times says that all of the economic corridors i.e. the China-Mongolia-Russia Economic Corridor (CMREC), New Eurasian Land Bridge (NELB), China-Central Asia-West Asia Economic Corridor (CCWAEC), China-Indochina Peninsula Economic Corridor (CICPEC), China-Pakistan Economic Corridor (CPEC), and Bangladesh-China-India-Myanmar Economic Corridor (BCIMEC) are very well formulated and designed.

“The importance of each corridor is undeniable. Upon completion of all these corridors, the world will be transformed and enter into a new era. Global economic patterns will change and trade will take on a new shape”, adds the Chinese Global Times.

“However, five of these corridors pass through more than two countries, and it is understood that the more countries involved, the more difficult it becomes due to cultural barriers and variations in political and economic conditions in each country. Similarly, distance also matters; the longer the corridor, the more time and money it may take to complete”, says the Chinese Global Times.

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CPEC is the most reasonable project collectively built by China and Pakistan and has fewer participants in relation to the other five corridors. The CPEC corridor starts from China’s Kashgar and ends at Pakistan’s Gwadar, the shortest distance among all the corridors. “Most importantly, the relationship between China and Pakistan is ideal, and there is little disagreement between these two countries. In fact, China and Pakistan support each other on all issues at the domestic, regional and global level. There exists a complete harmony” says the article published in the Chinese Global Times.

CPEC has been declared a flagship project and the two nations are committed to making it a success. Both India and Pakistan are committed to overcoming any obstacle and creating an example for the rest of the world. The Chinese Global Times stated facts saying, “With the launch of CPEC, Pakistan’s GDP improved from 4.7 to 5.5. It was a big jump as the nation has faced many complex issues over the last 4 decades. The country was an energy deficient nation and faced a shortage of electricity. There was load-shedding for several hours on a daily basis”.

Under CPEC’s initial harvest projects, approximately 10,000 megawatts of electricity was added to the national grid and a few other power generation projects are expected to be completed by 2020. With the completion of these projects, Pakistan is expected to face a smaller gap between supply and demand of electricity. Another advanced stage project is the laying of optical fibre lines between China and Pakistan to improve internet speeds and bring evolution in Pakistan’s IT industry.

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“A network of roads has been completed across Pakistan, and many more are under construction or in the pipeline. A strong network of roads has made Pakistan very well connected internally. It also has helped to improve connectivity and ultimately enhance business activities. Road networks have contributed to the nation’s socio-economic development” said the article.

The advancement is also visible in Railway system with the Karachi-Peshawar Railway Line project. With this development, the Rail will become the cheapest and quickest mode of transportation for passengers and cargo in Pakistan.

“Fast-track industrialization is also expected, as special economic zones (SEZs) are being launched soon. There are nine SEZs in total, three of which are almost ready to be launched: Rashakai SEZ, M-3 Industrial Zone in Faisalabad and Dhabijee Industrial state in Sindh. The SEZs will rapidly change Pakistan’s fate”, noted the Chinese Global Times.

More News at EurAsian Times

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