*BEIJING*: China on Wednesday rejected as “totally false” a report aboutIslamabad approaching Beijing for more loans to keep the multi-billiondollar China-Pakistan Economic Corridor (CPEC) going.

According to a Financial Times’ report, Pakistan told China to give it moreloans to keep the CPEC alive, the mainstay project of Beijing’s ambitiousBelt and Road connectivity initiative. It also said Pakistan borrowed some$4 billion from China in the year ending June 2018.

Reacting to the news, Chinese Foreign Ministry spokesperson Hua Chunyingcalled it “totally false”.

“In fact, Pakistani Finance Minister Shamshad Akhtar made a clarificationon this matter, stressing that Pakistan will continue with CPECconstruction,” Hua said.

Beijing has invested over $50 billion in the CPEC, which will connectChina’s Xinjiang region with Pakistan’s Gwadar port giving it access to theArabian Sea.

While India opposes CPEC’s route as it cuts through the disputed Kashmirheld by Islamabad, experts feel Pakistan is already facing a massive debtburden because of the project.

“We noted the shortage of foreign reserves in Pakistan and we believe itwill try to maintain steady economic development against all odds,” Huasaid when asked about the ballooning debt of the South Asian country.

“In recent times, CPEC has played a positive role in helping Pakistanachieve high economic development supported by the government and people.We believe this will not be interrupted by other factors.”