How Chinese Investments Are Capturing Pakistan′s Economy

How Chinese Investments Are Capturing Pakistan′s Economy

Andrew H. Sweet

The multibillion-dollar China-Pakistan Economic Corridor (CPEC), announced in 2015, aimed to overhaul Pakistan's crumbling infrastructure and link the nation's southern port of Gwadar to western China.

The ambitious project, part of Chinese President Xi Jinping's signature Belt and Road Initiative, was originally estimated to bring in $46 billion of investment into Pakistan. But it's now estimated to have increased to about $65 billion.

Beijing has been pumping money not only to Pakistan's economic hubs, but also to places like Pakistan-administered Kashmir and northwestern Khyber Pakhtunkhwa province.

Qaiser Ahmed Shaikh, a former president of the Karachi Chambers of Commerce, said that China has moved in to fill the gap left by the West.

Many Pakistanis remain euphoric about the growing Chinese investment, arguing that it's needed to pull Pakistan out of a severe ongoing economic crisis.

Read the original story here.

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