ISLAMABAD: As a pilot project of the Belt and Road Initiative (BRI), theChina-Pakistan Economic Corridor (CPEC) has achieved great progress duringthe last five years, a statement issued by the Chinese Embassy in Islamabadsaid on Monday.
“The CPEC has effectively alleviated energy crisis and infrastructureshortage which were considered as two bottlenecks in Pakistan’sdevelopment, and has played a positive role in maintaining the relativelyhigh economic growth in the country,” the statement read.
“As an early harvest project of the CPEC, the Lahore Orange Line projecthas been widely welcomed by the Pakistani government and the people,creating a large number of job opportunities. After the completion, it willgreatly ease the traffic congestion in Lahore and provide people withaffordable and energy-saving transportation,” it added.
The statement rejected a report carried by the Wall Street Journal, sayingit is severely deviated from the facts. “The report stated that CPEC led tothe debt crisis of Pakistan. This is a highly irresponsible statement thatfails to reflect the reality. According to data released by the Pakistanigovernment, 42% of foreign debt of Pakistan is from multilateral financialinstitutions, 18% of the debt is from Paris Club. Chinese preferentialloans account for only 10% of the whole foreign debt, and offer a muchlower rate than commercial bank loans,” the statement maintained. “Fromthis perspective, even if there is a so-called ‘debt trap’, the initiatoris not China.
As to the people who fabricated the lie that the so-called ‘debt trap’ inPakistan is caused by the CPEC, if they are unable to offer tangibleassistance to Pakistan, they can at least try to put the sincerecooperation between other countries in perspective,” it added.
The statement said that the cooperation under the CPEC has always adheredto the principles of mutual benefit, equality and reciprocity by followingthe golden rules of extensive consultation, joint contribution and sharedbenefits. “The planning and implementation of the CPEC has been discussedby both sides in open. No country is dominating the process. Both sideshave an equal say.
Firmly promoting CPEC is an across-party national consensus in Pakistan andhas received the wholehearted support from the Pakistani people. We believethat the CPEC will be advanced in a steady manner in accordance with theconsensus reached by China and Pakistan without being disturbed by otherfactors. We hope that relevant media reports could respect the truth, takeoff their tinted glasses, and make more objective, unbiased and all-sidedreports. Their readers deserve the true story,” the statement concluded.