Abstract
China-Pakistan Economic Corridor (CPEC) is a grand economic programme of regional connectivity. The plan will advantage to China-Pakistan and have great benefits to regional countries including Afghanistan, Central Asian Republics, Iran, India, and many other countries of the world. The basic purpose of plan is to promote geographical connections with the gains of communication development of 3,000-kilometer network of road, railways and air transport system and consistent connections of economic progress and people to people contact (Dawn, 2019). The mega plan will also enhance cooperation and understanding with relation to academic, socio-cultural activities and regional knowledge which will enhance flow of trade and commerce and energy development. It is for the development of collaboration by win-win model and to integrate regions with common purpose, peace and development. Moreover, it is long-term plan (2017- 2030) of economic regionalization and globalization with the instrument of peace and economic development. Thus, CPEC project will base on unison and collaboratively efforts of federal, provincial, local governments and share-holders including private sector. The dynamic idea was given by Chinese Premier Li Keqiang when he visited Pakistan in May 2013 and declared that the CPEC project will be a bridge for the Maritime Silk Route and it will be incorporate approximately 3 billion people from the regions of Asia, Africa and Europe (Dawn, 2013). In this connection, the main terms and conditions of CPEC was signed when President Xi Jinping‟s talked during his visit of Pakistan on April 20, 2015 and the CPEC has been defined as the “game changer” of China‟s One Belt, One Road creativity. China allocated around $46bn to $57bn for developmental programmes in Pakistan which will change Pakistan‟s economy and provide China a shorter and economical passage for trade with other regions such as Asia, Africa, Middle East and Europe (Irshad, 2015). Moreover, the amount of $50 billion of CPEC will be used till 2030 for all major projects and that is divided into two broad categories in which $35 billion is fixed for energy programmes while $15 billion is for the infrastructure development including Gwadar Port and for new industrial zones (Hali, 2017). It means the CPEC is a large package of investment projects which will upgrade infrastructure, and expanding energy structure and developing regional trade and economic investment. So, the CPEC is basically based on 19 projects in which $17.7 billion is allocated particularly for energy projects and $5.9 billion for the development of infrastructure and $25.4 billion is for non-CPEC energy and developmental projects. In this regard, energy sector has top priority and it is not only for hydro power projects even it will also cover the natural assets of coal and valuable liquefied natural gas, nuclear power reactors, and many other solar and wind plants. Thus, a major amount has been allocated and significant investment has already taken place. In this regard, both China-Pakistan signed 30 agreements among the 51 memorandums of understanding and development projects including infrastructural, energy, industrial cooperation, transport infrastructure, security, and economic development (Dawn, 2015). In this connection, the project will revive old Silk Road which is the source of strength of industrial and communicational infrastructure along with strategic base of mutual and bilateral cooperation.