Corresponding Relationship Between CPEC And Pakistan’s Economic Development

Abstract

The China-Pakistan Economic Corridor (CPEC) has initiated a new phase of relations between China and Pakistan. CPEC is a foremost project of China’s mega project BRI (Belt and Road Initiative), and connections between various states can play a substantial role in the economic growth of China as well as for all connected countries. In this way, China’s massive investment of $ 62 billion in continuous assets in CPEC is commonly considered to have a considerable impact on the developing infrastructure of Pakistan. The CPEC is a project for upgrading Pakistan’s infrastructure and providing an incentive for the economic growth of Pakistan. It also aims to build and solidify the connection between vital regional partners. Pakistan has a scarcity of resources and diminishing chances to reduce its poverty, so this project can potentially modify the fate of its country and people. Pakistan will use this massive project for its economic and industrial growth. Indeed, this project is a game changer not only for Pakistan but also for the whole region. Although many fears and uncertainties have also originated with the project, there is simultaneously no doubt about the economic growth as a knock-on effect. A comprehensive analysis has been carried out regarding the economic development of CPEC. The financial investment in trade and transportation would bring prosperity, peace, and economic growth to Pakistan and other regional countries. It has not only played a role in enhancing competition among the economies of the related countries but has also worked to raise living standards and minimize regional disparities and social inequalities. Similarly, there is also a need to address the fear attached to economic development.