Critical Analysis Of CPEC
Over the past few years, since its inception in May 2013, CPEC (China Pakistan Economic Corridor) is on the target of both by its opponent and supporters. Those who support this project are of the view that the project will be proved as a game changer for both the countries while the opponents opine that CPEC is nothing but a mere illusion of development for Pakistan. They criticise the project on many grounds. Some of them have been discussed below.
(A) Opaque Terms And Conditions
The unclear terms and conditions for loans that Pakistani government is taking from China under CPEC project has made it difficult for economists and general public to assess the scheme and its value for the country.
(B) A Loan For Generations
CPEC is an extensive project that contains many developmental plan and schemes. Initially the project worth was $ 46 billion but now it has reached to $ 62 billion. Based on the poor performance of the government in past, analysts fear that if the scheme could not produce the expected results, our next generations will pay the loan for centuries. This thought makes CPEC more considerable for generable public.
(C) Exploitation Of Labour Force
From unskilled labours to high tech machinery, everything used in the development of the project belongs to China and Chinese companies. This is exploitation of not only our labour force but also of our resources. How is it fair that our workers are going to gulf countries in search of work while in their own country, they are not allowed to work in such a mega project.
(D) Bubble Economy
By receiving billions of dollars under CPEC project, the economy of Pakistan has experienced a sudden rise in value in the international market and foreign investors now taking keen interest in making investment in Pakistan. The government is calling it their great achievement but economists are not as pessimist as politicians are. They are calling it bubble economy situation and according to them if our government could not sustained the current pace of growth and could not return the loan of CPEC within due time, the economy of the country may burst any time and this may have severe effects.
(E) Collapse Of Local Industry
The local industry of Pakistan was expecting an increase in sale and business activities after the inauguration of the project on 22nd May 2013, but their dreams shattered when the terms and conditions of the project began to leak partially. Special privileges given to Chinese industry under CPEC project will not only destroy our local industry but it will also increase our dependency on them.
(F) Compromising Sovereignty
Under the project, Pakistan is giving land tracts in some areas such as in the city of Gwadar and along the CPEC route on lease to Chinese investors. This in other terms means we are giving the control of our land to a foreign power. We should not forget the future status and ambitions of China, which are to control the world after acquiring the status of super power.