Pakistan has never been recognized as a major power globally. There have always been controversies and criticism in global arena relating to Pakistan. Today as CPEC has brought economic prosperity in Pakistan, now experts believe that Pakistan will be a middle-level world power by 2035.
Jean Monnet, Chair Professor of Renmin University of China, said in his article published by China Global Television (CGTN) that “The CPEC is creating solid conditions for Pakistan’s middle country dream to become a reality by building infrastructure and energy capacities, industrial parks and ports, creating mutual benefits with Belt and Road.”
Monnet added, “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 86 countries and international organizations signed the 102 Memorandum Of Understanding with the Chinese government to jointly build BRI projects, but some Western companies feel they do not have enough access to BRI projects.”
An article was published by a Western TV channel called “China’s global trade plan is piling huge debt on smaller nations.”. It cited data from a Center for Development research paper making the claim that China’s Belt and Road Initiative would bring huge debt burden upon the developing nations.
He inquired whether these fears can be real and the “Belt and Road Initiative” start a whole episode of new debt upon the growing nations. He said this question is like “chicken and the egg” never ending debate.
Jean Monnet said, “The misgiving reminds us that we should not just think about whether the hen can be sold to pay off any debt but also think about how many eggs the hen will lay. We should not take a narrow view on debt, as a certain level of debt can have positive externalities and the Belt and Road Initiative is aimed at building industrial capacity rather than infrastructure only.”
“China has invested 200 million yuan in every kilometer of its high-speed railways, totaling 5 trillion yuan in its 25,000 high-speed railways. The ensuing debt, instead of skyrocketing, has boosted rapid development and integration of China’s economy. China is sharing its successful experience with BRI countries. One of the key phrases to understanding China’s model is “development financing.” Learning from the World Bank and Asian Development Bank, the China Development Bank creates a model of market cultivation to deal with market failure. 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 the Internet road; if you want to get rich jointly, build the road connecting with China. Such a slogan has encouraged many developing countries to join BRI. Actually, even some Chinese worry about their country’s own debt by building infrastructure for the Belt and Road countries, given the political instability in many of them and the uncertainty of globalization. What could be possible measures to mitigate such risk? The only way is to create long-term economic growth in the different countries.”