Speaking at public forum, in Islamabad, the Chinese Ambassador to Pakistan, Sun Weidong, claimed that projects under the China-Pakistan Economic Corridor (CPEC) were moving in the right direction and 13,000 local jobs had been created so far. Ambassador Weidong added that during the last meeting of the Joint Cooperation Committee, Pakistan and China have agreed to prioritise projects under the medium and long-term plans. Energy projects were on track for this year and industrial zones will be developed next year. With these developments, China’s top diplomat in Pakistan hoped that CPEC would bring prosperity to the country. CPEC — a transit and infrastructure development initiative — has been termed as a game changer for Pakistan and the region. CPEC has also been termed a Chinese Marshall Plan for Pakistan since the project financing comprises a combination of loans and investments. In a broader framework, CPEC is a part of China’s One Belt, One Road (OBOR) initiative that aims to connect Asia, Africa and Europe through infrastructure and energy projects across 65 nations that would potentially create millions of jobs over the next few decades. CPEC is one of the first initiatives taken as part of OBOR with a goal to create shorter trade routes between China, the Middle East and Africa through Pakistani territory. Nevertheless, the projects devised under CPEC need to be scrutinized as independent experts and some opposition politicians have suggested. Chinese companies are allegedly receiving preferential treatment and several institutions such as Pakistan Stock Exchange have already had a bulk of their shares sold to the Chinese investors. China Mobile has expressed interest in acquiring PTCL. Media reports have also suggested that Pakistan’s borrowing from Chinese banks will add to the burgeoning foreign debt. The government needs to review some of these concerns with an open mind and secure the interests of the country and its future generations. Few voices have compared China’s interests across the region to the East India Company that eventually took over South Asia under the garb of trade. It is imperative that jobs under CPEC projects should benefit the local population. Similarly, Pakistan’s small and medium scale industries would require adequate safeguards in the short to medium term. Effective regulations should be implemented with respect to foreign investments, even those under the umbrella of CPEC. In this context, greater transparency is required and the government thus far has not made all the information available. Regional connectivity and transnational trade are vital for enhancing diplomatic and cultural prowess in modern era but Pakistan needs to proceed with caution by keeping country’s interests before everything else. There is no question that CPEC will enable Pakistan to become a regional trade hub as well as achieve its geostrategic goals. Putting all eggs in one basket however is not a wise strategy. Pakistan must bolster its trade relations with all neighbours including Afghanistan, India and Iran. At present, a flawed foreign policy prevents the realisation of this objective. *