Opportunities and Challenges for CPEC to Promote Regional Stability and Development.

Byline: Li Qingyan

The China-Pakistan Economic Corridor (CPEC) is a major and pilot project of the Belt and Road Initiative (BRI), which has become the framework and platform for comprehensive and substantive cooperation between China and Pakistan. Through collaboration on the Gwadar port, energy, transportation and industrial infrastructure, CPEC will be a long-term and systematic project to promote economic integration and interconnection both at the national level and regional level.

Background: the present condition of economic convergence and infrastructure connectivity of South Asia lags far behind that of the world. For a long time, the heartland of Asia, which includes West, Central and South Asia, situated between the developed and prosperous "European Economic Circle" and "East Asia Economic Circle", has been considered an "Economic Depression Zone." Meanwhile, the strategic position of South Asia is rising and attracting more attention. Since the beginning of the21st century, this region has become increasingly important with the fast and astounding adjustments in international power structure. Big powers promoted disparity of plans or initiatives like the U.S. "New Silk Road Initiative", Russian "Eurasian Economic Union", Japan's numerous investments in India, etc. The economic development and connectivity of this region has gained more and more attention.

Moreover, the demands for economic integration and interconnection of regional countries are increasing rapidly. Most countries in the region are undergoing political and economic transition. In spite of different domestic situation, new visions or national development plans of most regional countries highlight the importance of economic integration and energy cooperation, while infrastructure construction and trade flows have become the priorities of their national strategies.

Opportunities: role of CPEC to promote regional stability and development

First, CPEC serves as a new platform for regional integration complementary to China's Opening to the West. As reform deepens, China has a desire to bring more benefits to its neighbours and contribute to common development through its own development. China is actively planning six economic corridors, namely China-Mongolia-Russia, China-Central Asia-West Asia, China-Indochina Peninsula, China-Pakistan, Bangladesh-China-India-Myanmar Economic Corridors and New Eurasian Land Bridge under the Belt and Road Initiative, most of which...

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