China-Pak Economic Corridor budget? |
The Chinese government has declined to reveal the budget for the ambitious China-Pakistan Economic Corridor (CPEC) economic corridor, saying that the finance model for it is market driven.The budget for the multi-billion dollar CPEC, a cluster of projects that would connect Xinjiang in China`s west to the Gwadar port in Balochistan, has been variously put between $46 billion and, more recently, at $51 billion; the $46 billion number has been used more liberally.The CPEC is a flagship project under President Xi Jinping`s Belt and Road Initiative (BRI) which aims to connect China with the rest of Asia and Europe by land and over sea through infrastructure projects. India hasn`t signed up for BRI because the CPEC passes through Pakistan-occupied Kashmir (PoK). India endorsing the BRI would mean giving up its claims on PoK. Privately, Chinese experts say the CPEC budget numbers have been circulated by Pakistani officials and not by China. China says CPEC will not affect its stand on Kashmir issue. Till September 2016, China had invested $14 billion in 30 early harvest projects to be completed under CPEC, Pakistani media quoted Chinese embassy deputy chief of mission Zhao Lijian as saying. UN support for China project passing through PoK puts India`s claim in jeopardy.
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