by Dr Mehmood Ul Hassan Khan
DURING the recently concluded 3rd Belt and Road Forum, Chinese President Xi Jinping outlined a comprehensive strategic roadmap for the development of the Belt and Road Initiative (BRI) in the next decade. This roadmap is based on eight action plans and is expected to support high-quality Belt and Road cooperation.
In this regard, building of a multidimensional Belt and Road connectivity network, speeding up of high-quality development of the China-Europe Railway Express, participation in the trans-Caspian international transportation corridor and hosting of the China-Europe Railway Express Cooperation Forum will be started to strengthen further trans-regional connectivity through rails, ports and integrated transport systems in all the member countries of the BRI.
Moreover, China will build a new logistics corridor across the Eurasian continent which will be linked by direct railway and road transportation. Integration of ports, shipping and trading services under the ‘Silk Road Maritime,’ will accelerate the building of the New International Land-Sea Trade Corridor and the Air Silk Road. Thus intensified trans-regional connectivity will be initiated which will be mutually beneficial for all the member countries of the BRI in the next decade.
China’s support for an open world economy will be peacefully pursued which will increase its total trade in goods and services expected to exceed US$ 32 trillion and US$ 5 trillion respectively in the 2024-2028 period. Establishment of pilot zones for Silk Road e-commerce cooperation and enter into free trade agreements and investment protection treaties with more countries will be initiated in the next decade.
Furthermore, the removal of all restrictions on foreign investment access in the manufacturing sector, along with further advancement in high-standard opening up in cross-border service trade and investment, expansion of market access for digital and other products, and deepening reforms in areas including state-owned enterprises, the digital economy, intellectual property, and government procurement will be introduced, institutionalized, and rigorously implemented in the next ten years. This will significantly enhance the scope, utility, and potential of the BRI in all member countries and the world.
In this connection, financial support for BRI projects on the basis of market and business operation through the China Development Bank and the Export-Import Bank of China will each set up a 350 billion RMB (48.75 billion U.S. dollars) financing window, and that an additional 80 billion RMB will be injected into the Silk Road Fund. It will generate projects helping the countries and communities overcome their socio-economic problems and elimination poverty and generate new jobs.
Further promotion of development through extended and deepening cooperation in areas such as green infrastructure, green energy and green transportation and stepping up support for the BRI International Green Development Coalition will be mantra of the Chinese policy makers which will be people and environment friendly and will mitigating the spill-over ramifications of the global warming in the BRI’s member countries.
In this context, regular holding of the BRI Green Innovation Conference, and establishing of dialogue and exchange mechanisms for the solar industry and a network of experts on green and low-carbon development will be started creating mutually beneficial propositions for all the member countries.
Hopefully, China’s implementation of the Green Investment Principles for the Belt and Road, and provision of 100,000 training opportunities for partner countries by 2030 will be game changer to achieve the desired goals of greening the BRI in the future.
China’s strong commitment to advance scientific and technological innovation, the Belt and Road Science, Technology and Innovation Cooperation Action Plan, and holding of the first Belt and Road Conference on Science and Technology Exchange will facilitate science and technology in the BRI’s member countries.
The Global Initiative for Artificial Intelligence (AI) Governance will increase exchanges and dialogue with other countries and jointly promote the sound, orderly and secure AI development in the world. It will be a giant step towards digitalization and e-commerce removing all barriers of technological backwardness in the BRI’s member countries and will provide an ideal platform for greater socio-economic, industrial and artificial intelligence transformation in the next decade.
People-to-people exchanges will be further facilitated and strengthened. China will host the Liangzhu Forum to enhance dialogue on civilizations with BRI partner countries. Thus it will increase China’s soft diplomacy in these countries.
The holding of Silk Road International League of Theatres, the Silk Road International Arts Festival, the International Alliance of Museums of the Silk Road, the Silk Road International Alliance of Art Museums and the Silk Road International Library Alliance, Silk Road Scholarship and the International Tourism Alliance of Silk Road Cities will be a regular feature of the BRI in next ten years.
China pledges to promote integrity-based Belt and Road cooperation and share the Achievements and Prospects of Belt and Road Integrity Building and the High-Level Principles on Belt and Road Integrity Building. It will establish the Integrity and Compliance Evaluation System for Companies Involved in Belt and Road Cooperation, which will promote genuine scientific research and development in these countries.
Last but not the least, further strengthening of the institutional building for international Belt and Road cooperation covering energy, taxation, finance, green development, disaster reduction, anti-corruption, think tank, media, culture and other fields will be right step in right direction for achieving the optimal levels of close liaison, policy consultation, formation and implementation of the respective national policies of these countries which will further increase financial integration, good governance, fight against looming threat of climate change, formation of Corridor of Knowledge, multiculturalism and meaningful media cooperation in the member countries.
In summary, the new eight action plans of the Chinese President Xi Jinping are new “Magna Carta” of immense trans-regional connectivity and socio-economic integration. It is new “Global Constitution” of green development. It is “new Global Chapter” of economic cooperation and social freedom. It is new “Das Capital” of a just world, economic equality, economic globalization and cooperation. It is the new version of “Political Treatise, The Prince” promoting pure multiculturalism and removing all kinds of discriminations. It is indeed a “New Codes of Global Governance” based on Xi’s Global Development, Global Security, Global Civilizational and Global Artificial Intelligence (AI) Governance crating mutually beneficial propositions for all the BRI’s countries and the world alike
Dr Mehmood Ul Hassan Khan
CPEC: Driving Regional and International Growth and Development
by Dr Asif Channa
The China-Pakistan Economic Corridor (CPEC) is a transformative initiative set to reshape the economic landscapes of China, Pakistan, and the broader region. This extensive project encompasses infrastructure, energy, and industrial development, acting as a catalyst for growth, connectivity, and collaboration. In this comprehensive overview, we’ll explore CPEC’s regional and international impact, focusing on its effects on China, Pakistan, neighbouring countries, and the global community.
I.CPEC and Regional Integration:
CPEC has significantly bolstered regional connectivity, creating a network linking China, Pakistan, and neighbouring countries. The Gwadar Port, a pivotal component of CPEC, serves as a gateway to the Arabian Sea, offering trade potential for landlocked Central Asian nations. Enhanced connectivity and trade facilitate economic integration and propel regional development. Infrastructure projects, including highways, railways, ports, and airports, improve transportation networks, trade facilitation, and economic growth.
II.Socio Economic Development:
CPEC offers significant employment opportunities and job creation across various sectors, leading to reduced unemployment and poverty. Special Economic Zones (SEZs) promote industrial cooperation, foreign investment, and technology transfer, spurring economic diversification in agriculture, textiles, manufacturing, and information technology.
III. China-Pakistan Relations:
CPEC deepens China-Pakistan relations, reinforcing their long-standing friendship and strategic partnership. The collaboration fosters political cooperation, economic ties, and people-to-people exchanges, strengthening the bond between the two nations. This collaboration also enhances Pakistan’s security and stability, contributing to regional peace and countering various security challenges.
IV. Regional Impact:
CPEC acts as a bridge between Central and South Asia, promoting regional connectivity and cross-border trade. It provides neighboring countries, such as Afghanistan and Iran, with opportunities for enhanced trade and access to international markets. This regional economic integration promotes economic development, peace, and stability across the region.
V. International Significance:
CPEC has gained international attention due to its potential to reshape global trade dynamics. It offers an alternative route for China’s trade with Europe, bypassing the traditional sea route. This diversification serves as a vital pillar of China’s Belt and Road Initiative (BRI), fostering international economic integration. CPEC also emphasizes sustainable development in the energy sector, promoting renewable energy sources and reducing reliance on fossil fuels.
VI. Challenges and Mitigation Strategies:
The successful implementation of CPEC faces security challenges due to regional conflicts and terrorist activities. Pakistan and China must work closely to address these concerns by strengthening security measures and promoting stability. Additionally, addressing potential socioeconomic disparities is crucial to ensure inclusive growth and equitable distribution of wealth.
VII. The Way Forward: Collaboration and Cooperation:
Policy coordination among participating countries is essential to fully harness the potential of CPEC and maximize its benefits. Engaging all stakeholders, including local communities, civil society organizations, and private sector entities, is crucial for sustainable and inclusive development under CPEC. Investing in human capital development and skill training programs is vital to create a competent workforce that can contribute effectively to the implementation and management of CPEC projects.
VIII. Global Economic Impact and Belt and Road Initiative (BRI):
CPEC holds immense significance in promoting trade expansion and economic integration on a global scale. By providing an alternative trade route between China and Europe, it reduces transportation costs and enhances efficiency, benefiting not only China and Pakistan but also countries along the CPEC route. CPEC is a crucial component of China’s ambitious Belt and Road Initiative (BRI), showcasing its potential to promote regional and international growth.
IX. Regional Collaboration and Harmonious Development:
CPEC promotes the principles of shared benefits and win-win cooperation among participating countries. It encourages joint ventures, technology transfer, and knowledge sharing, fostering collaborative efforts for mutual growth. Cultural exchange initiatives under CPEC contribute to people-to-people connectivity, fostering understanding, respect, and friendship among diverse cultures.
X. CPEC and Sustainable Development Goals (SDGs):
CPEC’s focus on infrastructure development, poverty alleviation, energy security, and sustainable practices aligns with the United Nations’ Sustainable Development Goals (SDGs). By actively addressing these goals, CPEC contributes to global efforts to eradicate poverty, ensure inclusive and sustainable economic growth, and combat climate change.
Xl. Green Initiatives and Environmental Sustainability:
CPEC is committed to promoting sustainable development, placing a significant emphasis on the energy sector’s environmental responsibility. The initiative actively fosters the development of renewable energy sources, including wind, solar, and hydro power. By encouraging the adoption of clean and sustainable energy alternatives, CPEC aims to reduce the region’s reliance on fossil fuels and contribute to global efforts to combat climate change.
The integration of green energy initiatives within CPEC underscores a forward-thinking approach to environmental sustainability. Embracing these renewable energy sources not only diminishes the carbon footprint but also addresses environmental degradation. Moreover, this strategic shift towards sustainable energy aligns with international goals to transition to cleaner and greener energy options.
Through the promotion and utilization of renewable energy technologies, CPEC paves the way for a greener and more sustainable future. By advocating for environmentally responsible practices and investing in clean energy infrastructure, this initiative sets an example for collaborative efforts towards a healthier planet. CPEC demonstrates that economic growth and environmental stewardship can go hand in hand, showcasing a pathway to sustainable development and a better quality of life for all.
XlI. Future Outlook:
The China-Pakistan Economic Corridor (CPEC) stands as a testament to the transformative power of regional cooperation, economic integration and sustainable development. With its potential to drive regional growth, enhance connectivity and foster collaboration among countries, CPEC is a pathway towards a prosperous and interconnected future.
As CPEC continues to unfold, it will be crucial to address the challenges that may arise, such as security concerns, socioeconomic inequalities, and environmental impact. By implementing appropriate mitigation strategies, fostering stakeholder involvement, and strengthening policy coordination, these challenges can be overcome, ensuring the successful realization of CPEC’s vision.
Looking ahead, the success of CPEC hinges on continued collaboration, transparent governance, and inclusive development practices. By capitalizing on the opportunities presented by CPEC, participating countries can harness its potential to uplift economies, improve infrastructure, promote sustainable practices, and foster a climate of peace and stability.
CPEC serves as an inspiration for other regions and countries aspiring to achieve similar progress through regional collaboration and international partnerships. As the world witnesses the unfolding of CPEC’s immense potential, it becomes evident that this endeavour not only transforms the fortunes of China and Pakistan but also contributes to regional and global economic growth, connectivity and sustainable development.
Dr Asif Channa
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