The China-Pakistan Economic Corridor (CPEC) has become one of the earliest, fastest-moving and most effective projects under the Belt and Road initiative. Of the 43 projects confirmed at the beginning of the corridor, 20 are under construction or have been completed.
“Another 157 projects in the corridor will be gradually completed in the next 12 years,” Zhou Rong, a senior research fellow with the Chongyang Institute for Financial Studies at the Renmin University of China told Global Times on Tuesday.
As a major pilot project of the Belt and Road initiative, the corridor has been lauded by the Pakistani government. Driven by the corridor construction, Pakistan’s rate of economic growth rose to 5.97 per cent last year from 3.5 per cent in 2013, ranking top in Asia. As long as the corridor projects advance smoothly, economic growth can rise up to 9.0 per cent, he added.
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