Prime Minister Imran Khan is going to visit China and will attend the International Import Expo in Shanghai. He will meet with the Chinese leadership and would discuss the ways to boost Pakistan’s China-Pakistan Economic Corridor. Chinese Ambassador to Pakistan, Yao Jing, had said that Beijing was open to the changes in mutual cooperation projects proposed by the Imran Khan-led Government and “will definitely follow their agenda” to work out a roadmap for BRI projects based on “mutual consultation”.
This corridor has a extra-regional importance and likely to boost Pakistan’s economy. The invitation to his visit was even extended by Premier Li Keqiang. He also said his Government wishes to work closely with the new Pakistani Government and hoped that the CPEC project will be completed on time. The US has said that the debts accrued on the CPEC projects. The U.S. Government considered that the Pakistan debt is accumulated as a result of CPEC project and loans , which Pakistan and Chinese strongly rejected.
The Chinese Government has devoted to Pakistan a session titled “Emerging Pakistan.” There is a “win-win” situation for Chinese companies to invest in Pakistan. This might lead Imran Khan to avoid any deal with the International Monetary Fund (IMF). From this point of view, his visit should sound well. Chinese companies are keen to invest in Pakistan and accelerate business for the benefits of both the countries.
His visit is important for many points of views. The visit will take bilateral ties to the new height. Chinese Government attaches great significance to his visit. China wasn’t to assess the CPEC. Imran Khan firmly promotes the bilateral ties and the CPEC.
“We are willing to work with the Pakistani side to make our relations a model of good-neighbourliness and friendship, a pillar of regional peace and stability, and a benchmark for building the Belt and Road. His earlier stance to get US$ 6 billion from Saudi Arabia is considered a good point to wooing China to offer even more.
Pakistan believes in the early completion of CPEC projects. Pakistan would continue will all out support for the CPEC. The Chinese Government has been offering assistance to Pakistan. The CPEC has created over 80,000 jobs and by 2030 more than 700,000 jobs will be created. The CPEC is a win-win project for Pakistan and Chinese companies have been greatly benefiting from it. By no accounts, CPEC would be any burden on Pakistan’s economy.
By no accounts, CPEC would be any burden on Pakistan’s economy. “China’s debt to Pakistan is 6.3 percent of Pakistan’s total debt. Pakistan only has to pay two percent interest. It has 15 to 20 years to repay the loan. From 2020 to 2021, Pakistan has to pay between $300 million and $400 million,” stated by Zhao Lijian, Deputy Chief of the Chinese Embassy in Islamabad on 26 October at a press briefing in Islamabad
“China’s debt to Pakistan is 6.3 per cent of Pakistan’s total debt. Pakistan only has to pay two per cent interest. It has 15 to 20 years to repay the loan. From 2020 to 2021, Pakistan has to pay between $300 million and $400 million,” stated by Zhao Lijian, Deputy Chief of the Chinese Embassy in Islamabad on 26 October at a press briefing in Islamabad.
The visit will lead a delegation from November 2-5 to Beijing for talks with Chinese President Xi Jinping amid anxieties here over his Government’s approach to deal with the US$ 60 billion CPEC following reports about Islamabad downsizing certain projects that are still not clear.
For Beijing, the CPEC is a flagship project of the Belt and Road and its importance continues with the remaining BRI projects. Pakistan can discontinue with the IMF but cannot downsize the CPEC projects, which is going to be its like. For the new Government of Imran Khan, his first visit to China would be resolving around the safety of the CPEC and their early implementation.
Since assuming office in August, the visit to China is Imran Khan’s third foreign trip. Earlier, he made a trip to Saudi Arabia on 18 September and the United Arab Emirates on 19 September. Even these countries are important for Pakistan’s diplomacy, and visit to China is crucial and will bring more benefits to Pakistan. The CPEC could be highest level of interaction between China and Imran Khan.
Notwithstanding of the fact that Imran Khan’s sit-in protest in 2014 gave a jerk to President Xi visit to Pakistan, the new ties could be lasting with better understanding. At that time, many questioned about the bailout of the country, which was a threat to China’s investment. The PTI demanded for more transparency on the CPEC fundings.
The lobby of PTI is still small, but it is expected that it will bring a better option for Imran Khan. The issue of the Multan metro is yet not clear but hope that Imran Khan will be having no options except hailing the CPEC. In many ways, Imran Khan would like to emulate the example of China. He lauded China for transforming 700,000 people out of poverty and making it a pure welfare State. China focused on the uplift of the poorest of its poor and has made astounding progress over the past few decades. Hope with these notions in mind, Pakistan would become a shining example of China.
The writer is a Senior Research Fellow at the Institute of Strategic Studies Islamabad. He writes on East Asian affairs
Published in Daily Times, November 1st 2018.