China has again started clarifying the CPEC amid tensions in Ladakh since last year. China’s Foreign Ministry has said the China-Pakistan Economic Corridor (CPEC) is not meant to make India a scourge. Indeed, China is currently working on a plan to expand the project to Afghanistan. Negotiations are also underway with Afghanistan and Pakistan on this subject.
Complaints from China – CPEC not against India
On Monday, China’s Foreign Ministry, in response to a question about the passage of CPEC through Indian territories, said the CPEC was an initiative to increase economic cooperation. It is not intended to target a third party. China has directly denied India’s claim to territorial sovereignty. He said there had been no change in China’s theoretical stance on Jammu and Kashmir.
China wants to increase CPEC to Afghanistan
China is preparing to indirectly surround India by extending the CPEC to Afghanistan. Not only that, through this project, China’s real goal is to occupy the vacant space resulting from America’s return from Afghanistan. This could strengthen Chinese rule in this strategically important country. However, negotiations are still ongoing for the project and no final decision has been taken.
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CPEC becomes a sore throat for China
The China-Pak Economic Corridor has now become a drag on the dragon’s throat. Even after spending billions of money, China is not getting the profits it had invested $ 60 billion for. Politics is also at its peak in Pakistan. At the same time, Pakistani rulers ravaged by corruption also bear a great deal of responsibility for the road construction works.
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China fears drowning investments
After investing $ 60 billion in CPEC, China appears to be floundering the whole plan. The inhabitants of Gilgit Baltistan and PoK are also against this project. Pakistani politics also remains a problem for China. Attacks against Chinese civilians working in tribal areas have also increased.
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Pakistan’s debt repayment has become a problem
As of December 2019, Pakistan had taken out nearly $ 21.7 billion in loans from China for the CPEC project. Of that amount, $ 15 billion was borrowed by the Chinese government and the remaining $ 6.7 billion was taken from financial institutions there. The return of this debt to Pakistan has become a big problem. Pakistan only has $ 10 billion in foreign exchange reserves and cannot return that much to China.