China refutes CPEC project facing problems even after Pakistan drowns in economic crisis

Beijing, Aug 19: Putting on a straight face when asked on its ambitious USD 147 billion BRI, China responded that the progress is continuing even in this year amid countries like Pakistan and Sri Lanka is going through severe financial crisis.

 

 

Denying reports that the BRI is mired in financial crisis, Chinese Foreign Ministry spokesman Wang Wenbin told a media briefing that by July, China has signed BRI documents with more than 140 countries.

 

Wenbin said, "China has been working with countries involved to deepen mutually beneficial cooperation in line with the principle of extensive consultation, joint contribution and shared benefits. Our efforts have yielded tangible and substantial progress. More than 140 countries have signed Belt and Road cooperation documents with China."

 

Speaking of the progress, he informed, "A large number of practical cooperation projects have been launched. The China-Laos Railway is fully operational. The Peljesac Bridge in Croatia is successfully completed. The Jakarta-Bandung Railway, the Budapest-Belgrade Railway, the Port of Djibouti and the Gwadar Port have all seen important progress. These projects have benefited the local economy and people’s livelihood."

 

 

"The China-Europe freight trains are in steady operation and more than 1,000 trips were made each month for 27 consecutive months. In the first half of this year, the total trade in goods between China and Belt and Road partner countries reached 6.3 trillion yuan, up by 17.8% year-on-year and reaching 31.9% of China’s foreign trade in goods. Non-financial direct investment from China to partner countries reached 65.03 billion yuan, up by 4.9% and reaching 18.5% of China’s outbound non-financial direct investment," he added.

 

 

However, the think tanks reports speak of record that are opposite to China's statements. A recent report released by the Green Finance and Development Centre at China's Fudan University said that multiple countries saw a 100 per cent drop of BRI engagement. Another report by Japanese media outlet Nikkei said as financial worries about China's BRI initiative grow, several nations are reducing or abandoning projects that are a part of the BRI.

 

The BRI and CPEC are pet projects of Xi, 68, who is widely expected to be endorsed for an unprecedented third term of five-year power later this year by the once-in-a-five-year Congress of the ruling Communist Party of China (CPC). It is pertinent to mention that India has protested to China over the CPEC as it is being laid through Pakistan-occupied Kashmir.