China–Pakistan Economic Corridor is a collection of infrastructure projects that are currently under construction throughout Pakistan. Originally valued at $46 billion, the value of CPEC projects is now worth $62 billion.
CPEC is intended to rapidly modernize Pakistani infrastructure and strengthen its economy by constructing modern transportation networks, numerous energy projects, and special economic zones. On 13 November 2016, CPEC became partly operational when Chinese cargo was transported overland to Gwadar Port for onward maritime shipment to West Asia and Africa.
CPEC which includes roads and railways will pass through Pakistan, PoK and Baluchistan and it will reduce the distance for Chinese goods bound for Europe, Africa, the entire western hemisphere, substantially by almost 2000 miles and vice versa. Trade by CPEC will be bypassing the Strait of Malacca in Southeast Asia by that many miles.
The over $50 billion project, a key block of Beijing’s mega Belt and Road initiative, has caused much complicationsin the relations between India and China over the recent years. India has strong qualms to the route of the corridor, which goes through Pakistan-administered Kashmir claimed by India.
Chinese foreign ministry spokesperson Hua Chunying today said that the CPEC issue can be handled with sincerity. This was in response to India’s Ambassador to China Gautam Bambawale telling Global Times that CPEC is a major problem and it must not be pushed under the carpet.
Chunying said “I noted the relevant report. Regarding the CPEC, China has repeatedly reiterated our position. As to the differences between China and India, China stands ready to communicate and hold talks with India to seek a proper solution so that these differences will not affect our general national interests. This best serves the interests of the two countries.”
“We should not ask one party alone to solve this problem. We are willing to work with India to work with dialogue and communication for a better solution. CPEC is merely an economic cooperation project. It has not targeted any third party. We hope the Indian side can put this in perspective and we stand ready to strengthen cooperation with the Indian side,” she said.