China Backing Away From Promises To Pak Under Economic Corridor: Report

Friday, 25 December 2020Newsdesk

China appears to be backing away from its initial financial promises to Pakistan under Beijing-financed China-Pakistan Economic Corridor (CPEC), a US$60 billion infrastructure building plan, amid rising corruption and terrorist attacks on Chinese engineers. According to Asia Times, Pakistan Army is set to take near-total control of the CPEC in a bid to reassure Beijing that their investments will be more secure amid terrorist attacks on Chinese engineers and others facilitating the infrastructure projects.

New Delhi, 25 December 2020

The new bill comes at a time when reports suggest that China is slowly retreating from its promises. Overall lending by the state-backed China Development Bank and the Export-Import Bank of China declined from a peak of USD 75 billion in 2016 to just $4 billion last year. Provisional 2020 figures show that amount shrunk to around $3 billion in 2020, according to data of Boston University researchers in the United States.

Source -NDTV