ISLAMABAD – Ambassador of China in Pakistan, Yao Jang has rejected thepropaganda that the mega China-Pakistan Economic Corridor (CPEC) projectwould only benefit China and Pakistan would get nothing out of it.
Addressing a press briefing in Islamabad on Friday, Jang said the projectwas mutually beneficial to the two countries. “We are building this megaproject based on mutual sharing and mutual interests,” he noted.
The envoy said China trusts Pakistan which was why it was investing such ahuge amount for the economic development of the country. He added that theinvestment money was hard-earned money of the people of China, and itshould therefore be recognised.
“Elements who do not want to see China and Pakistan prosper and develop andthe elements who do not want good relationship between the two countriesare spreading such propaganda,” he added.
Jang said the government and people of China were eagerly awaiting thehistoric visit of Pakistan Prime Minister Imran Khan in the first week ofNovember, as China was pinning high hopes on the new government in terms ofbringing peace and development not only in Pakistan but in the entireregion.
He said China wanted to see Pakistan as an economically strong andindependent country to promote regional peace, prosperity, and stability.
During the visit, the prime ministers of the two countries would witnesssigning of a number of bilateral agreements in areas of mutual interestsbesides participating as guests of honour in Business Conference, to beheld in Shanghai on November 5, the ambassador shared.
He said China was willing to extend maximum possible support to Pakistan,which is its longstanding trade and strategic partner. “We have plans toinvest more under [CPEC] and buy more from Pakistan to make it economicallystronger and independent country”, he added.
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The envoy informed that during PM Imran Khan’s visit, a major breakthroughin a number of projects under CPEC was expected especially in RashakaiSpecial Economic Zone, the ground-breaking of which is expected to be heldby the end of the current year.
He also appreciated the new government’s efforts to bring peace in theregion by offering peace talks to its neighbourly countries.
Deputy Chief of Chinese Mission in Pakistan, Lijian Zhao said Pakistan owesdebt to China worth only US$6 billion, which was around 6.3 percent ofPakistan’s total foreign debt and repayment of this amount would start on2021 with payment of $300-400 million per year.
“All the CPEC projects are funded by commercial loans which are borrowedand repaid by the Chinese companies,” he said, adding that there is no debton the Pakistan government.
Zhao said the average interest on the loan under CPEC was around 5.3percent including insurance payment.
He said Rashakai, Hatar and Dhabeji SEZs were the front-line projects amongall SEZs and work on them would be started soon.
