Chinese initiatives stretch beyond CPEC

Pakistan and China have expanded their civil nuclear cooperation in the last few years and as China is making strides in science and technology, it is also rapidly moving towards further improvements like making of bigger vessels, remaining within the confines of international nuclear pacts and safeguards, The News has learnt on good authority.
According to the international sources having their presence in Pakistan, China’s economic initiatives in South Asia stretch even beyond China-Pakistan Economic Corridor (CPEC) in Pakistan since the spadework on OBOR and AIIB has already gone into full swing. “Actually, like CPEC, one Belt One Road (OBOR) and Asian Infrastructure Investment Bank (AIIB) are the most effective economic contributions by China in the region that would benefit China’s neighbours in their economic development courtesy the sizeable investment by China. The fact is that China’s economic initiatives such as CPEC and OBOR can be big game changers in the region.”
Dwelling at length on OBOR or the Belt and Road Initiative, the sources said that it is a development strategy and framework, proposed by People’s Republic of China that focuses on connectivity and cooperation among countries primarily in Eurasia, which consists of two main components, the land-based’ Silk Road Economic Belt’ (SREB) and oceangoing ‘Maritime Silk Road’. The strategy underlines China’s push to take a bigger role in global affairs, and its need to export China’s production capacity in areas of overproduction such as steel manufacturing. It was unveiled by Chinese leader Xi Jinping in September and October 2013. This Belt and Road Initiative is also officially classified as closely related to the Bangladesh-China-India-Myanmar (BCIM) Economic Corridor. Many of the countries that are part of this ‘belt’ are also members of the China-led Asian Infrastructure Investment Bank (AIIB).
The sources added that China had a very constructive role in South Asia and East Asia. Building up on this Asian edifice, even China-US relations can improve with more economic interdependence. China has already embarked on building strong diplomatic links worldwide and as for its neighbours, China has secure and stable relations with them.
In this context, now is the time for initiating concerted efforts to ensure political stability and to resume composite dialogue and resolve disputes between Pakistan and India. Regional organisations like Saarc and ECO must also work together for regional peace and strategic stability, added the sources. They further opined that South Asia was facing two main challenges at present, i.e. arms race by India and conflict resolution. An inclusive, non-discriminatory and criteria-based approach is now direly needed at the global level to treat regional states like Pakistan and India. As a matter of fact, Pakistan envisions a peaceful neighbourhood but, unfortunately, India is reluctant to improve relations with Pakistan. Even the four-point proposal for structural dialogues has been rejected by India.
Commenting on Pakistan’s nuclear programme, the sources said, “Pakistan is a proponent of peaceful use of nuclear technology and supports objectives of nuclear non-proliferation and safety and security of its nuclear assets.”
As for AIIB, it was founded by China in 2014 with the participation of 56 other countries. It is a development bank dedicated to lending for projects that are part of the initiative.
On 29th June 2015, “The China-led Asian Infrastructure Investment Bank (AIIB) legal framework was signed in Beijing. The multilateral bank has an authorised capital of $100 billion, 75% of which will come from Asian countries. China is so far the single largest stakeholder, holding 26% of voting rights. The bank will start operation by year’s end.
And as regards the Silk Road Fund, in November 2014, President Xi Jinping announced plans to create a $40 billion development fund, which will be distinguished from the banks created for the initiative. As a fund, its role will be to invest in businesses rather than lend money for projects. The Karot Hydropower Station in Pakistan is the first investment project of the Silk Road Fund and is not part of the much larger CPEC investment.
Answering a question on China’s role in the current security scenario in the region, the sources said, “China understands multiple security challenges in South Asia and envisions a common, cooperative, comprehensive and sustainable security framework for the region.”