New Delhi: China has hinted its willingness to rename the “China Pakistan Economic Corridor (CPEC)” project considering India’s objection. Last week, Luo Zhaohui, China’s ambassador to India, asserted that China is prepared to rename ‘CPEC’. Chinese Foreign Ministry has not denied Luo Zhaohui’s proposal. Therefore it is seen that China is ready to negotiate for this project. Experts have been commenting since its inception that CPEC will not get accomplished without India’s involvement.
Last week, while speaking at an event in Jawaharlal Nehru University, Luo Zhaohui, said that China might look for an alternative route to allay India’s concern and can rename ‘CPEC’ as well. China has reiterated that this project is completely economic and it does not affect China’s stance on Kashmir issue. However India continues its objection on CPEC maintaining a strong stance against it. A few days ago, the US had criticized that the ‘CPEC’ is challenging the sovereignty of few nations.
China is going to invest approximately 50 billion dollars in Pakistan through CPEC. However, analysts have said that it will be very difficult for China to get returns on this investment. Chinese analysts, too, have begun expressing that the political and economic instability in Pakistan is a major threat to CPEC. China had recently commented that the instability in Pakistan is affecting this project. At the same time, Pakistan had begun realising that they are slipping into Chinese debt trap due to this project.
Also, Pakistani media and analysts have also issued warning by citing example of China’s swallowing Hambantota port in Sri Lanka to prove that Pakistan will have to bear the cost for Chinese investments. The impact to which could be seen as Pakistan turned down China’s aid of 14 billion dollarsfor the Diamer-Bhasha dam. Likewise, Pakistan also rejects Chinese demand of allowing transactions in Yuan on the Gwadar port. Pakistan said that this will be a threat to its sovereignty. Experts are criticizing that it is too late for Pakistan to think about its sovereignty and that Pakistan is already embroiled in China’s trap. In such circumstances, it seems that China is pressurizing Pakistan by demanding India to get involved in this project.