World News

Despite the impending economic catastrophe that has gripped Pakistan as a result of rising Chinese debts in the nation, the celebration for the contentious CPEC project will go on as planned.

Lifeng would also meet with President Dr. Arif Alvi and Prime Minister Shehbaz Sharif while he was in Pakistan.

A notable initiative of China’s Belt and Road Initiative (BRI) is CPEC.

According to CNN, Beijing’s BRI international infrastructure investment initiative was founded in 2013 to restore China’s Silk Road, a trade and economic development corridor that connected Asia with Africa and Europe.

Each year, billions of dollars have been invested in infrastructure projects, such as the building of ports from West Africa to Papua New Guinea, the paving of highways from Kenya to Papua New Guinea, and the provision of telecom and power infrastructure for people in Latin America and Southeast Asia.

Italy joined the BRI in 2019 and was the only significant Western nation and advanced economy from the G7.

Lifeng has reportedly played a “prominent role” in China’s international economic connections and the Belt and Road Initiative’s development, according to Dawn, which cited the Foreign Ministry of Pakistan.

As chairman of China’s National Development and Reform Commission from 2017 to 2023, he was “key to the planning and implementation of numerous CPEC projects in Pakistan,” according to the Foreign Office.

The multibillion-dollar China-Pakistan Economic Corridor (CPEC), which was unveiled in 2013, was soon named the centrepiece of the Belt and Road Initiative. The people of Pakistan anticipated that this new development initiative would usher in change and transform their nation into a regional hub.

The South Asian nation has only suffered crippling effects from the investment, though.

The majority of the CPEC projects were still being built on the territory of the poor, mineral-rich state of Balochistan with little thought of financial gain. This feeling of marginalisation has sparked a widespread uprising against the CPEC in Balochistan.

Recent years have seen a worsening of Pakistan’s economic problems, and some opponents attribute a large portion of this to CPEC investments.

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