BEIJING – Pakistan was previously viewed as a failed state by many Westerncountries, but according to the vision of the mid-to-long termChina-Pakistan Economic Corridor (CPEC), it will be a middle power around2035 after its economy takes off.

“The CPEC is creating solid conditions for Pakistan’s middle country dreamto become a reality by building infrastructure and energy capacities,industrial parks and ports, creating mutual benefits with Belt and Road,”Jean Monnet, Chair Professor of Renmin University of China, said in hisarticle published by China Global Television (CGTN) on Thursday.

“Debt imperialism! The Western media has given the Belt and Road Initiative(BRI) a new name. This label seems to have come about after more than 86countries and international organizations signed the 102 Memorandum OfUnderstanding with the Chinese government to jointly build BRI projects,but some Western companies feel they do not have enough access to BRIprojects.”Jean Monnet said a Western TV channel recently published article titled“China’s global trade plan is piling huge debt on smaller nations,” citingdata from a research paper of the Center for Development, claiming thatinfrastructure investment under China’s Belt and Road Initiative wouldbring debt burdens to developing countries involved.

He asked could these fears be correct and could the “Belt and RoadInitiative introduce new debt vulnerabilities in developing countries. Sucha question, he said, was just like the “chicken and the egg” dilemma.

“The misgiving reminds us that we should not just think about whether thehen can be sold to pay off any debt but also think about how many eggs thehen will lay.”Jean Monnet recalled in the early days of its reform and opening up, Chinaborrowed from the World Bank and Asia Development Bank. The West wasworried about a possible debt crisis, but it never happened when China’seconomy took off.

“We should not take a narrow view on debt, as a certain level of debt canhave positive externalities and the Belt and Road Initiative is aimed atbuilding industrial capacity rather than infrastructure only.

“China has invested 200 million yuan in every kilometer of its high-speedrailways, totaling 5 trillion yuan in its 25,000 high-speed railways. Theensuing debt, instead of skyrocketing, has boosted rapid development andintegration of China’s economy.

“China is sharing its successful experience with BRI countries. One of thekey phrases to understanding China’s model is “development financing.”Learning from the World Bank and Asian Development Bank, the ChinaDevelopment Bank creates a model of market cultivation to deal with marketfailure.

“If you want to get rich, build the road; if you want to get rich quickly,build the motor road; if you want to get rich immediately, build theInternet road; if you want to get rich jointly, build the road connectingwith China.” Such a slogan has encouraged many developing countries to joinBRI.

“Actually, even some Chinese worry about their country’s own debt bybuilding infrastructure for the Belt and Road countries, given thepolitical instability in many of them and the uncertainty of globalization.What could be possible measures to mitigate such risk? The only way is tocreate long-term economic growth in the different countries.” – APP