Implications, Challenges, and Incentives of CPEC for Regional Connectivity and Economic Development

Abstract

CPEC is a multifarious project, connecting two atomic powers of Asia with railways and roadways. Bringing two in-every-way different and diversified nations closer. Much has already been written, scrutinized, and said with minute details about project but no one knows the project in its entirety. The ongoing project has yet to take final shape. The culmination of CPEC will clear the mist surrounding it. Some say CPEC is debt trap by China while others claim that it is purely a business deal between two states. Mainstream media in Pakistan projects almost the shadowy picture. Chinese media says that the project is aimed to tie the everlasting knot of fraternity between two great nations. China has personal interests in this project so does Pakistan. This study aims to unravel the mystery surrounding the project and find out what the project really is, its implications, challenges and prospects for economic development and regional connectivity. Particularly it is explored that how and to what extent will this project impact Pakistan? This is a qualitative study with secondary data resources that aims to depict the CPEC in a broader picture.

Key Words: Pakistan-China Relations, Debt Trap, Gwadar, CPEC, Belt and Road Initiative, Economic Development