INSUBCONTINENT EXCLUSIVE:
The Chinese funded CPEC is worth over $50 billion
Economic Corridor (CPEC), a key part of Beijing's ambitious Belt and Road project.The Financial Times reported that Pakistan plans to review
or renegotiate agreements reached under China's Belt and Road project and wants to shelve the project."We have noted the relevant report,
also noted that a relevant Pakistani official made a clarification on his remarks
On September 10, Pakistani Commerce Ministry issued a statement that remarks cited by Financial Times were out of context and distorted its
The Pakistan side refused to recognise this report," Foreign Ministry spokesperson Geng Shuang said."According to my information, the
committee composed of nine people to review the CPEC aims to enhance exchange with China, accelerate the project and deliver more outcomes
to the Pakistani people instead of putting it off," Mr Geng said.The Financial Times quoted a top Pakistani official as saying that the
"previous government did a bad job negotiating with China on the CPEC"."They (previous government) didn't do their homework correctly and
didn't negotiate correctly, so they gave away a lot," Abdul Razak Dawood, the Pakistani member of the Cabinet responsible for commerce,
textiles, industry and investment, told the Financial Times."Chinese companies received tax breaks, many breaks and have an undue advantage
This is one of the things we're looking at because it's not fair that Pakistani companies should be disadvantaged," the official said.The
Chinese-funded CPEC -- worth over $50 billion -- aims to link China's Kashgar in Xingjiang with Pakistan's Gwadar port.India opposes the
project as its planned route cuts through Pakistan-occupied Kashmir.Also, there are fears that Pakistan might get into a debt trap because
of high-interest Chinese loans
But Beijing has always sought to allay such concerns about the Belt and Road project."They are over 130 countries and international
organisations who have inked cooperation documents with China
If the Belt and Road initiative were out of geopolitical consideration, like someone said it is faced with risks and challenges and would
cause debt traps, then it would not have been welcomed," Mr Geng said.
