{"id":21350,"date":"2022-02-04T19:01:42","date_gmt":"2022-02-04T13:31:42","guid":{"rendered":"https:\/\/tradebrains.in\/features\/china-pak-cpec-pact\/"},"modified":"2022-02-04T19:11:47","modified_gmt":"2022-02-04T13:41:47","slug":"china-pak-cpec-pact","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/china-pak-cpec-pact\/","title":{"rendered":"Pakistan signs new pact with China to kick off 2nd phase of CPEC during PM Khan&#8217;s visit to Beijing"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2613540076\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>[et_pb_section admin_label=&#8221;section&#8221;]<br \/>\n\t\t\t[et_pb_row admin_label=&#8221;row&#8221;]<br \/>\n\t\t\t\t[et_pb_column type=&#8221;4_4&#8243;][et_pb_text admin_label=&#8221;Text&#8221;]<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2417188342\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>Beijing, Feb 4 (PTI) Pakistan on Friday signed a new agreement with China to begin the second phase of the USD 60 billion China-Pakistan Economic Corridor (CPEC) as Prime Minister Imran Khan showered praise on the controversial projects, saying it has strategic significance for both the countries and delivering tangible benefits to the people.<\/p>\n<p> Khan, who arrived in China on Thursday on a four-day visit to attend the opening ceremony of the 2020 Beijing Winter Olympics and meet the top Chinese leadership, held a virtual meeting with He Lifeng, the Chairman of China\u2019s apex planning body &#8212; the National Development and Reform Commission (NDRC) on Friday to discuss the expansion of Chinese investments in Pakistan.<\/p>\n<p> Pakistan\u2019s State Minister and Chairman of Board of Investment Muhammad Azfar Ahsan and He signed the Framework Agreement on Industrial Cooperation which aims to attract Foreign Direct Investment (FDI), promote industrialisation and development of economic zones, and initiate, plan, execute and monitor projects, both in public as well as private sector, Pakistan\u2019s state-run Associated Press of Pakistan news agency reported.<\/p><div class=\"trade-content_5\" id=\"trade-4123704169\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> Addressing the meeting, Khan, who was a critic of the China Pakistan Economic Corridor (CPEC) before coming to power for its secrecy and uneven investments neglecting certain provinces of the country, said that the project has strategic significance for both the countries and delivering tangible benefits.<\/p>\n<p> He noted that the CPEC\u2019s early-harvest projects had transformed Pakistan\u2019s economic landscape, thus laying a solid foundation for sustainable economic growth, the report said.<\/p>\n<p> During the meeting, both sides reviewed the progress of ongoing CPEC projects and discussed the preparations for future initiatives, it said.<\/p>\n<p> Addressing the Chinese criticism of delay in projects, Khan, who prior to his visit ordered the removal of 37 regulations hindering the pace of the CPEC projects, reaffirmed the commitment of the two sides to their timely completion.<\/p>\n<p> The ambitious CPEC is a 3,000-km long route of infrastructure projects connecting China&#8217;s northwest Xinjiang Uygur Autonomous Region and the Gwadar Port in the western province of Balochistan in Pakistan.<\/p>\n<p> India has protested to China over the CPEC as it is being laid through the Pakistan-occupied Kashmir (PoK).<\/p><div class=\"trade-content-10\" id=\"trade-2389979004\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> Khan is in China with a large high-level delegation comprising Foreign Minister Shah Mahmood Qureshi, Finance Minister Shaukat Tarin, Planning Minister Asad Umar, Information Minister Fawad Chaudhry, National Security Advisor Moeed Yousaf, Commerce Advisor Abdul Razak Dawood and Special Assistant on CPEC Khalid Mansoor.<\/p>\n<p> He is due to hold meetings with Chinese President Xi Jinping and Premier Li Keqiang.<\/p>\n<p> As CPEC entered its second phase which primarily revolves around Special Economic Zones (SEZs) development and industrialisation, the need for a comprehensive Framework Agreement became imperative, the report said.<\/p>\n<p> Last year, a report by US-based international development research lab AidData said that a substantial chunk of Chinese development financing under the CPEC consists of loans that are at or near commercial rates as opposed to grants.<\/p>\n<p> According to the report, excerpts of which was carried by prominent Pakistani daily Dawn, Pakistan received about half of all Chinese development finance in the form of \u201cexport buyer\u2019s credit\u201d, i.e. money lent by Chinese institutions to Pakistan in order to facilitate the purchase of equipment and goods to be bought by Chinese implementation partners.<\/p>\n<p> As much as 40 per cent of China\u2019s lending to Pakistan do not appear on the government\u2019s books \u201cfor the most part\u201d, the report said.<\/p>\n<p> In its editorial on the AidData report, Dawn said that the nature of Chinese financing for infrastructure schemes under the CPEC initiative calls for a greater transparency in the projects being executed here since 2015.<\/p>\n<p> \u201cIn fact, the PTI (the ruling Pakistan Tehreek-e-Insaf party headed by Khan) when in opposition, had demanded complete transparency in CPEC investments.<\/p>\n<p> \u201cBut now in government, it has done nothing to make public the costs or conditions of the CPEC deals with China\u2019s government, companies and banks, keeping the matter strictly under wraps just as its predecessor had done,\u201d the editorial published in September last year said.<\/p>\n<p> It further said \u201cthat the bulk of Chinese financing for CPEC schemes comprises expensive commercial loans isn\u2019t the only worrisome aspect. What is more troubling is that as much as 40 per cent of Chinese loans have been disbursed in a way that blurs the distinction between private and public debt, \u2018doing away\u2019 with the need for its disclosure as public debt\u201d.<\/p>\n<p> \u201cFurther, Islamabad has given an \u2018explicit or implicit\u2026 government liability protection\u2019 to Chinese investors in the form of sovereign guarantees or guaranteed returns on equity.<\/p>\n<p> \u201cThen, about half of all Chinese finance has come in the form of \u2018export buyer\u2019s credit\u2019 or the money lent by Chinese institutions to Pakistan to facilitate the purchase of equipment and goods to be bought by Chinese implementation partners\u2019, besides awarding contracts to Chinese, without competitive international bidding,\u201d the editorial added. PTI KJV CPS AKJ  CPS<\/p>\n<p>[\/et_pb_text][\/et_pb_column]<br \/>\n\t\t\t[\/et_pb_row]<br \/>\n\t\t[\/et_pb_section]<\/p>\n<div class=\"trade-after-content\" id=\"trade-3377202982\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>[et_pb_section admin_label=&#8221;section&#8221;] [et_pb_row admin_label=&#8221;row&#8221;] [et_pb_column type=&#8221;4_4&#8243;][et_pb_text admin_label=&#8221;Text&#8221;] Beijing, Feb 4 (PTI) Pakistan on Friday signed a new agreement with China to begin the second phase of the USD 60 billion China-Pakistan Economic Corridor (CPEC) as Prime Minister Imran Khan showered praise on the controversial projects, saying it has strategic significance for both the countries and [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"<p>Beijing, Feb 4 (PTI) Pakistan on Friday signed a new agreement with China to begin the second phase of the USD 60 billion China-Pakistan Economic Corridor (CPEC) as Prime Minister Imran Khan showered praise on the controversial projects, saying it has strategic significance for both the countries and delivering tangible benefits to the people.<\/p><p> Khan, who arrived in China on Thursday on a four-day visit to attend the opening ceremony of the 2020 Beijing Winter Olympics and meet the top Chinese leadership, held a virtual meeting with He Lifeng, the Chairman of China\u2019s apex planning body -- the National Development and Reform Commission (NDRC) on Friday to discuss the expansion of Chinese investments in Pakistan.<\/p><p> Pakistan\u2019s State Minister and Chairman of Board of Investment Muhammad Azfar Ahsan and He signed the Framework Agreement on Industrial Cooperation which aims to attract Foreign Direct Investment (FDI), promote industrialisation and development of economic zones, and initiate, plan, execute and monitor projects, both in public as well as private sector, Pakistan\u2019s state-run Associated Press of Pakistan news agency reported.<\/p><p> Addressing the meeting, Khan, who was a critic of the China Pakistan Economic Corridor (CPEC) before coming to power for its secrecy and uneven investments neglecting certain provinces of the country, said that the project has strategic significance for both the countries and delivering tangible benefits.<\/p><p> He noted that the CPEC\u2019s early-harvest projects had transformed Pakistan\u2019s economic landscape, thus laying a solid foundation for sustainable economic growth, the report said.<\/p><p> During the meeting, both sides reviewed the progress of ongoing CPEC projects and discussed the preparations for future initiatives, it said.<\/p><p> Addressing the Chinese criticism of delay in projects, Khan, who prior to his visit ordered the removal of 37 regulations hindering the pace of the CPEC projects, reaffirmed the commitment of the two sides to their timely completion.<\/p><p> The ambitious CPEC is a 3,000-km long route of infrastructure projects connecting China's northwest Xinjiang Uygur Autonomous Region and the Gwadar Port in the western province of Balochistan in Pakistan.<\/p><p> India has protested to China over the CPEC as it is being laid through the Pakistan-occupied Kashmir (PoK).<\/p><p> Khan is in China with a large high-level delegation comprising Foreign Minister Shah Mahmood Qureshi, Finance Minister Shaukat Tarin, Planning Minister Asad Umar, Information Minister Fawad Chaudhry, National Security Advisor Moeed Yousaf, Commerce Advisor Abdul Razak Dawood and Special Assistant on CPEC Khalid Mansoor.<\/p><p> He is due to hold meetings with Chinese President Xi Jinping and Premier Li Keqiang.<\/p><p> As CPEC entered its second phase which primarily revolves around Special Economic Zones (SEZs) development and industrialisation, the need for a comprehensive Framework Agreement became imperative, the report said.<\/p><p> Last year, a report by US-based international development research lab AidData said that a substantial chunk of Chinese development financing under the CPEC consists of loans that are at or near commercial rates as opposed to grants.<\/p><p> According to the report, excerpts of which was carried by prominent Pakistani daily Dawn, Pakistan received about half of all Chinese development finance in the form of \u201cexport buyer\u2019s credit\u201d, i.e. money lent by Chinese institutions to Pakistan in order to facilitate the purchase of equipment and goods to be bought by Chinese implementation partners.<\/p><p> As much as 40 per cent of China\u2019s lending to Pakistan do not appear on the government\u2019s books \u201cfor the most part\u201d, the report said.<\/p><p> In its editorial on the AidData report, Dawn said that the nature of Chinese financing for infrastructure schemes under the CPEC initiative calls for a greater transparency in the projects being executed here since 2015.<\/p><p> \u201cIn fact, the PTI (the ruling Pakistan Tehreek-e-Insaf party headed by Khan) when in opposition, had demanded complete transparency in CPEC investments.<\/p><p> \u201cBut now in government, it has done nothing to make public the costs or conditions of the CPEC deals with China\u2019s government, companies and banks, keeping the matter strictly under wraps just as its predecessor had done,\u201d the editorial published in September last year said.<\/p><p> It further said \u201cthat the bulk of Chinese financing for CPEC schemes comprises expensive commercial loans isn\u2019t the only worrisome aspect. What is more troubling is that as much as 40 per cent of Chinese loans have been disbursed in a way that blurs the distinction between private and public debt, \u2018doing away\u2019 with the need for its disclosure as public debt\u201d.<\/p><p> \u201cFurther, Islamabad has given an \u2018explicit or implicit\u2026 government liability protection\u2019 to Chinese investors in the form of sovereign guarantees or guaranteed returns on equity.<\/p><p> \u201cThen, about half of all Chinese finance has come in the form of \u2018export buyer\u2019s credit\u2019 or the money lent by Chinese institutions to Pakistan to facilitate the purchase of equipment and goods to be bought by Chinese implementation partners\u2019, besides awarding contracts to Chinese, without competitive international bidding,\u201d the editorial added. PTI KJV CPS AKJ  CPS<\/p>","_et_gb_content_width":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-21350","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pakistan signs new pact with China to kick off 2nd phase of CPEC during PM Khan&#039;s visit to Beijing - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/china-pak-cpec-pact\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pakistan signs new pact with China to kick off 2nd phase of CPEC during PM Khan&#039;s visit to Beijing\" \/>\n<meta property=\"og:description\" content=\"[et_pb_section admin_label=&#8221;section&#8221;] [et_pb_row admin_label=&#8221;row&#8221;] [et_pb_column type=&#8221;4_4&#8243;][et_pb_text admin_label=&#8221;Text&#8221;] Beijing, Feb 4 (PTI) Pakistan on Friday signed a new agreement with China to begin the second phase of the USD 60 billion China-Pakistan Economic Corridor (CPEC) as Prime Minister Imran Khan showered praise on the controversial projects, saying it has strategic significance for both the countries and [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tradebrains.in\/features\/china-pak-cpec-pact\/\" \/>\n<meta property=\"og:site_name\" content=\"Trade Brains Features\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/TradeBrainsOfficial\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-04T13:31:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-02-04T13:41:47+00:00\" \/>\n<meta name=\"author\" content=\"PTI News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:site\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"PTI News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tradebrains.in\/features\/china-pak-cpec-pact\/\",\"url\":\"https:\/\/tradebrains.in\/features\/china-pak-cpec-pact\/\",\"name\":\"Pakistan signs new pact with China to kick off 2nd phase of CPEC during PM Khan's visit to Beijing - 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