Chinese Ambassador to Pakistan Yao Jing on Friday rejected the impression that the multibillion dollars China-Pakistan Economic Corridor (CPEC) is a burden on Pakistan and that only Chinese companies are benefiting from the project. "It is a wrong impression that CPEC is a burden on Pakistan's economy or only Chinese companies are benefiting from this mega project," the Chinese envoy said this during a media briefing here with regard to Prime Minister Imran Khan's upcoming visit to China.
"Chinese people and their government are anxiously looking forward to the upcoming visit of Prime Minister Imran Khan to China," he said, adding that the visit will provide an opportunity to both the countries to learn from each other's experiences. He said that matters pertaining to bolstering trade between the two countries will also be discussed during the visit, besides discussions on the CPEC.
He said the CPEC being mega project needs to be seen in a broader context, adding that the corridor project will benefit not only Pakistan but also other regional countries. He said that the Chinese authorities are ready to provide information and clear misperception and reservations regarding the project, adding that the CPEC is beneficial alike for both the countries.
The envoy also pointed out that some powers are unhappy with the growing China-Pakistan cooperation and the strategic relationship. "Some powers are bothered by Pakistan-China cooperation, the growing relationship and friendship," he said, adding that two neighbours remain unperturbed and will continue to move forward through mutual cooperation.
He said that China is cognizant of the economic problems faced by Pakistan, adding that his country will extend all possible cooperation to steer Pakistan out of economic crisis.
The Chinese ambassador said Pakistan is a responsible member of world community, adding that Pakistan has an important role in regional peace especially with regards to Afghanistan. He said, "We desire a strong and peaceful Pakistan."
The envoy further said that China is investing $19 billion in 22 ongoing projects under the CPEC, adding that China wants to strengthen the manufacturing industry of the country and boost Pakistani exports to China.
Giving briefing on the CPEC projects, Chinese Deputy Ambassador to Pakistan Zhao Lijian said that CPEC would create a further 700,000 jobs by 2030, while by 2022 Pakistan's energy needs will be met through its various initiatives.
He also dismissed the media reports of 14 percent interest rate on Chinese loans as "baseless and pack of lies," saying that China's debt to Pakistan is 6.3 percent of Pakistan's total debt and Pakistan is not supposed to pay the debt during the construction period.
He said that Pakistan only has to pay 2 percent interest, adding that it has 15 to 20 years to repay the loan. From 2020 to 2021, he said that Pakistan has to pay between $300 million and $400 million. He maintained that out of the total $19 billion, $13 billion is investment. He said that that the initial projects under the CPEC will be completed by early 2019.
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