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CPEC - China Pakistan Economic Corridor | Essay | web4study
CPEC – China Pakistan Economic Corridor | Essay
CPEC – China Pakistan Economic Corridor
CPEC (China Pakistan Economic Corridor) is an economic corridor between China and Pakistan. At Present, that corridor is an under construction which estimated cost above 54 billion dollars. The aims of this project to connect Gwadar Port in Southwestern Pakistan with Xinjiang in far -Western China. The Project including various infrastructure in terms of energy projects, motorways, Highways, and Railways to be built, in order to link Gwadar and Karachi with the Chinese region.
Vision and Mission
The Vision and Mission of CPEC are To improve the lives of people of Pakistan and China by building an economic corridor promoting bilateral connectivity, construction, explore potential bilateral investment, economic and trade, logistics and people to people contact for regional connectivity.
Integrated Transport & IT systems including Road, Rail, Port, Air and Data Communication Channels .
Spatial layout, functional zones, industries and industrial parks .
Agricultural development & poverty alleviation .
Tourism cooperation & people to people communication .
Cooperation in livelihood areas .
Financial cooperation .
Human Resource Development .
Current form of the project
The Current form of the project was first proposed by General Perves Musharaf, however, it was postponed owing to the political instability in the country.The ex-government of the Pakistan Peoples Party proposed it again when President Asif Ali Zardari invited heads of all the political parties to a Luncheon in honour of the Chinese Premier Li Keqiang at the Aiwan-e-Sadr on 22 May 2013. In February 2014, Pakistani President Mamnoon Hussain visited China to discuss the plans for an economic corridor in Pakistan. Two months later, Pakistan Prime Minister Nawaz Sharif met with Premier Li Kequiang in China to discuss further plans, resulting in the full scope of the project to be devised under Sharif’s tenure. In November 2014, the Chinese government announced its intention to finance Chinese companies as part of its $45.6 billion energy and infrastructure.
Under the CPEC Project, major upgrades are sanctioned to Pakistans transportation network. Comprise reconstruction and upgrade works on National Highway 35 which forms the Pakistani portion of the Karakoram Highway that spans the 887 Km long.
The Shanghai Electric company of China will construct two 660MW power plants as part of the “Thar-I” project in the Thar coalfield of Sindh Province, while “Thar-ll” will be developed by a separate consortium. The facility will be powered by locally sourced coal and is expected to be put into commercial use in 2018. Pakistan’s National Electric Power Regulatory Authority (NEPRA) has agreed to purchase electricity from both Thar-l and Thar-ll at a tariff of 8.50 US cents/kWh for the first 330 MW of electricity, 8.33 US cents/kWh for the next 660 MW, and 7.99 US cents/kWh for the next 1,099 MW as further phases are developed.
Liquefied natural gas power LNG projects are also considered vital to CPEC. The Chinese government has announced its intention to build a $2.5 billion 711 kilometres long liquid natural gas pipeline from Gwadar to Nawabshah in a province as part of CPEC.(9essay.com) The project will not only provide gas exporters with access to the Pakistani market but will also allow China to secure a route for its own imports.
Pakistan Navy and Chinese Navy ships are to jointly guard the safety and security of the CPEC Project, as Pakistan seeks to expand the role of its maritime forces. From December 2016, Pakistan’s Navy established a special task force “TF-88” to ensure there is maritime security for the corridor.
CPEC is considered economically vital to Pakistan in helping it drive economic growth. The Pakistani media and government have called CPEC investments a “game and fate changer” for the region, which would be one of the largest ever sums of foreign direct investment into Pakistan. As a result of improved infrastructure and energy supplies, the Pakistani government expects that economic growth rates will reach 7% by 2018. China Pakistan Economic Corridor is hope of better region of the future with peace, development, and growth of an economy.