China-Pakistan Economic Cooperation Flourishes under Belt and Road Initiative, A New Model for Global Development

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China-Pakistan Economic Cooperation Flourishes under Belt and Road Initiative, A New Model for Global Development

The third Belt and Road Forum for International Cooperation, held in Beijing from Tuesday to Wednesday, marked the 10th anniversary of the Belt and Road Initiative (BRI). Delegates from over 140 countries and 30-plus international organizations gathered to discuss and review the accomplishments of BRI cooperation. Abid Suleri, Executive Director of the Sustainable Development Policy Institute (SDPI) of Pakistan and a founder member of BRI International Green Development Coalition (BRIGC), attended the forum and highlighted the success and importance of the BRI in promoting economic development.

Suleri noted that the China-Pakistan Economic Corridor (CPEC), one of the flagship projects under the BRI, has provided Pakistan with crucial opportunities for deepening cooperation. He emphasized that when CPEC started in 2013, Pakistan was in desperate need of electricity and infrastructure improvements for better connectivity. The first phase of CPEC successfully addressed these needs, providing Pakistan with power generation plants, road infrastructure, and a deep-sea port at Gwadar.

Looking ahead, Suleri highlighted the potential for mutually beneficial cooperation between China and Pakistan in the second phase of CPEC. He emphasized that Pakistan must make use of the infrastructure and hardware built in the first phase to further enhance economic cooperation. Suleri stated that both countries have learned from their previous negotiations and agreed to pragmatic terms and conditions, creating a win-win situation. With China exploring opportunities to diversify its manufacturing supply chains and Pakistan seeking investments, their cooperation can be mutually beneficial.

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The BRI is characterized by openness, inclusiveness, and a new cooperative model for global economic development. Suleri believes that the BRI provides a platform for dialogue and collaboration among over 150 countries and international organizations. It aims to enhance connectivity and integration across regions and sectors, addressing common challenges such as poverty reduction, climate change, pandemic response, and digital transformation. The BRI follows the principles of extensive consultation, joint contribution, and shared benefits, ensuring equal participation and stake for all participants.

In the face of global economic uncertainty and headwinds, the BRI plays a crucial role in promoting South-South cooperation. Suleri highlighted the UN Secretary-General’s call for long-term financing and stated that China’s initiatives under the BRI fill the gap left by the weakening global financial system. According to a report by AidData, China has provided significant financial support to developing countries, surpassing contributions from institutions like the World Bank and IMF.

The establishment of multilateral international financial institutions like the Asian Infrastructure Investment Bank (AIIB) and the Silk Road Fund has brought benefits to developing countries. Suleri emphasized that these institutions provide timely access to funding without excessive conditions, supporting infrastructure projects that are essential for economic development, connectivity, and integration. The AIIB adopts a demand-driven and client-oriented approach, respecting the sovereignty and needs of developing countries.

Addressing concerns about the so-called debt trap, Suleri emphasized that borrowing for BRI initiatives is neither inherently good nor bad. The responsibility lies with the borrowing governments to ensure that borrowed funds are used productively to promote inclusive growth. He highlighted that the BRI fills the gap created by the weakening global financial system and enables developing countries to explore alternative means of development cooperation.

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Suleri praised China’s achievements in economic and social transformation, lifting millions of people out of poverty and contributing to global peace and cooperation. China’s vision of a resilient economy based on equity, sustainability, and innovation promotes shared prosperity and social equality. Advancements in digital technology, artificial intelligence, climate-smart agriculture, and a transition toward a low-carbon society will shape China’s future economic development and impact the global economy.

In conclusion, China-Pakistan economic cooperation under the BRI and CPEC has flourished, providing important opportunities for both countries. The BRI offers a new cooperative model for global economic development, promoting dialogue, collaboration, and mutual benefit among participating nations. By addressing common challenges and respecting diversity and sovereignty, the BRI contributes to win-win outcomes and common development. China’s initiatives under the BRI fill the gap left by the weakening global financial system, providing timely and accessible financing for developing countries. The establishment of institutions like the AIIB and Silk Road Fund supports infrastructure projects vital for economic development and connectivity. Concerns about the debt trap should be addressed through responsible borrowing and productive utilization of funds. China’s achievements and its vision for future development position it as a key player in shaping the global economy.

Frequently Asked Questions (FAQs) Related to the Above News

What is the Belt and Road Initiative (BRI)?

The Belt and Road Initiative (BRI) is an ambitious development strategy initiated by China to enhance connectivity and cooperation among countries in Asia, Europe, Africa, and beyond. It aims to promote economic development and address common challenges such as poverty reduction, climate change, pandemic response, and digital transformation.

What is the China-Pakistan Economic Corridor (CPEC)?

The China-Pakistan Economic Corridor (CPEC) is a flagship project under the Belt and Road Initiative (BRI) that aims to improve connectivity and promote economic development in Pakistan. It involves the construction of infrastructure, including power generation plants, road networks, and a deep-sea port at Gwadar.

What are the opportunities provided by the China-Pakistan Economic Corridor (CPEC) for Pakistan?

The China-Pakistan Economic Corridor (CPEC) has provided crucial opportunities for Pakistan, including infrastructure development, improved connectivity, and access to investments. It has addressed the country's needs for electricity and better transportation, laying the foundation for economic growth and cooperation with China.

How can China and Pakistan further enhance their economic cooperation under the second phase of CPEC?

To further enhance economic cooperation, Pakistan must make use of the infrastructure and hardware built in the first phase of the China-Pakistan Economic Corridor (CPEC). It is important for both countries to build on their previous negotiations and agree on pragmatic terms and conditions that create a win-win situation, leveraging China's need to diversify its manufacturing supply chains and Pakistan's desire for investments.

What principles guide the Belt and Road Initiative (BRI)?

The Belt and Road Initiative (BRI) follows the principles of extensive consultation, joint contribution, and shared benefits. It aims to ensure equal participation and stake for all participating countries and organizations, promoting inclusiveness, openness, and collaboration in global economic development.

How does the BRI contribute to South-South cooperation and fill the financing gap left by the weakening global financial system?

The BRI plays a crucial role in promoting South-South cooperation by providing long-term financing and filling the gap in the weakening global financial system. China's initiatives under the BRI, such as the Asian Infrastructure Investment Bank (AIIB) and the Silk Road Fund, offer developing countries timely access to funding without excessive conditions, supporting infrastructure projects necessary for economic development, connectivity, and integration.

How does the BRI address concerns about the debt trap?

The responsibility for borrowing for Belt and Road Initiative (BRI) initiatives lies with the borrowing governments, who must ensure that borrowed funds are used productively to promote inclusive growth. The BRI offers alternative means of development cooperation, filling the gap created by the weakening global financial system. By providing accessible financing and respecting the sovereignty and needs of developing countries, the BRI aims to enable responsible borrowing and productive utilization of funds.

What is the role of China in shaping the global economy through the BRI?

Through its economic and social achievements, such as lifting millions of people out of poverty and promoting shared prosperity and social equality, China has positioned itself as a key player in shaping the global economy. China's vision of a resilient economy based on equity, sustainability, and innovation, including advancements in digital technology, artificial intelligence, climate-smart agriculture, and low-carbon society, will have a significant impact on its future economic development and the global economy.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

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