CPEC is not a burden on Pakistan's economy: Chinese envoys
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The Chinese ambassador and deputy ambassador to Pakistan on Friday dismissed the notion that the China-Pakistan Economic Corridor (CPEC) is a burden on the Pakistani economy, assuring that the multi-billion-dollar project is of as much benefit to the local economy as it is to the People's Republic.
Chinese Ambassador to Pakistan Yao Jing, while giving a media briefing in Islamabad, said: "CPEC is beneficial not only for China but also for Pakistan."
Jing said that "it is a wrong impression that only Chinese companies are benefiting from CPEC" or that "CPEC is a burden on Pakistan's economy."
Read: CPEC not responsible for Pakistan’s economic woes, says China
The ambassador said that they are ready to "provide information and clear reservations" regarding the project at anytime.
The Chinese deputy ambassador, meanwhile, claimed that CPEC would create a further 700,000 jobs by 2030, while by 2022 Pakistan's energy needs will be met through its various initiatives.
Jing said that China wants to "improve and grow" Pakistan's industry and exports through CPEC and the One Belt, One Road initiative, adding that "$19 billion over 22 CPEC projects are being spent" as part of CPEC.
He further said that "some global powers do not want to see China grow and prosper", while also stressing that the "growth of Pakistan is essential for both China and the world."
"Some powers are bothered by Pakistan and China's cooperation, relationship and friendship," the envoy said.
Adding that the two neighbours remain unperturbed, Jing said that "they will continue to move forward through mutual cooperation at the policy level."
The Chinese deputy ambassador also rejected reports that CPEC projects carry a 14 per cent interest rate, branding them a "pack of lies".
"China's debt to Pakistan is 6.3pc of Pakistan's total debt," he said. "Pakistan only has to pay 2pc interest. It has 15 to 20 years to repay the loan. From 2020 to 2021, Pakistan has to pay between $300m and $400m."
The Chinese deputy ambassador said that CPEC's initial projects are on track to be completed by early 2019.
Of the 22 initial projects, he said, 10 — seven of which are power plants — have already been completed, whereas 12 are ongoing.
"As part of these 12 projects, we are building the Karakoram Highway Phase 2, dry port, Karachi-Lahore Motorway," he said, adding that "thoroughfares, freezone, a city master plan and schools" are also being built in Gwadar.
He said that in future Iran and Afghanistan could also be added to CPEC.
Read more
On DawnNews
Comments (110) Closed
Oct 26, 2018 06:50pm
so if 14 % are lies . where does the truth lie ? Mr Envoy
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Oct 26, 2018 06:53pm
As usual, both PMLN and PPP are promoting dirty propaganda to malign PM Imran Khan and his government and blaming them for the financial mess created by them. Obviously, they will do anything to safeguard their looted money and properties.
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Oct 26, 2018 06:55pm
"Pakistan only has to pay 2pc interest. It has 15 to 20 years to repay the loan. From 2020 to 2021, Pakistan has to pay between $300m and $400m."
what part of the above statement you do not understand ?
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Oct 26, 2018 07:03pm
CPEC will make Pakistan market of Chinese goods... If Pakistan has talent to move to service economy thats a good thing, which means Pakistan can provide services to world while goods come from China. But given education standard of country, i predict Pakistanis will become employees of chinese firms... This will reduce inflation as chinese goods are cheaper but run a risk to local industry... Frankly its all upto Pakistan citizen to either make CPEC a boon or curse... My take given innovation capability of citizen risk is high for success. Truly i wish you luck
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Oct 26, 2018 07:05pm
CPEC is bound to become the cementing bond between various countries of the region and developing in unison, leaving the onlookers far behind and burning in fire of jealousy.
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Oct 26, 2018 07:05pm
What is the interest rate?
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Oct 26, 2018 07:08pm
Who cares.
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Oct 26, 2018 07:08pm
What else can he say.
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Oct 26, 2018 07:08pm
Truth has been murdered in our country. We never come to know what is true. Unforrunate
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Oct 26, 2018 07:11pm
7% Interest and another 7% or more insurance
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Oct 26, 2018 07:11pm
Payment in Dollar terms will figure out more than 30 percent in Rupees
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Oct 26, 2018 07:12pm
Pak needs CPEC, so does China. The Western world is afraid of China's rise and that is why they are creating all the huddles in front of CPEC. If what I say is not true then why every country including US and India are suddenly so concerned about Pak? Why are they denying Pak its rights?
Because if this project is successfully completed then China will rise but so will Pak. China has no choice but to help Pak because the road to China's success goes through Pak. Pak leaders have to watch for Pak's interest and demand its share and China will have no choice but to comply because after spending $100 billion on the project, China will have no choice but to sustain it otherwise it will be a lose, lose proposition for China. All Pak has to make sure is that the project is completed with honesty where all Provinces/rich and poor benefit from it. However, it is a different thing if the leadership's personal interests supersede the country's interest.
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Oct 26, 2018 07:15pm
If terms are so favourable to Pakistan what is holding back to put them in public domain?
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Oct 26, 2018 07:15pm
At which interest rate we borrowed or invested 60 billion $?
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Oct 26, 2018 07:16pm
@TM - That is expected in India!
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Oct 26, 2018 07:19pm
If CPEC is NOT a burden, why not publish all the conracts so that people can judge for themselves? Why the secrecy?
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Oct 26, 2018 07:24pm
@Nileshpot Well said
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Oct 26, 2018 07:24pm
@N_Saq You are living in dream. Wake up.. Chinese will never lose a Penny but Pakistan can lose a lot just like Srilanka. Pakistan may need to handover Gawadar to China and many more to pay loans..
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Oct 26, 2018 07:25pm
while I donot agree that China's loans are just 6.3% of pakistans burden of around $90 billion but around 25%...if the 2% interest payment on 22 billion dollars already taken starts in 2020 than that will come to 440 million dollars annually until the loan is repaid...that comes to around Rs55 billion annually and is not too high...!but over 20 years Pakistan might have to pay just one trillion in interest apart from the approx. Rs 4000 billion in actuals...that tries to factor in the rupee price in 20 years...!!!it is not peanuts and that is approx. one third of the Chinese possible loan totals...!and the PTI which is now celebrating more loans must thing about it...???
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Oct 26, 2018 07:25pm
@N_Saq: Good comment. Mutually beneficial project for both nations, no doubt.
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Oct 26, 2018 07:28pm
But it has become. Cant the envoys see, how PM Imran Khan, running door to door to pay off.
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Oct 26, 2018 07:29pm
@N_Saq, optimism is always good. Reality is something else. Investing in Infrastructure is the best thing, one can do to trigger economic growth. Then, one fail to understand why CPEC details are secret and not in public knowledge. Even if there's harsh repayment clause, public deserves to know. There's even media reports, that from 2020 repayment will be around 350 million USD. For 60 billion USD worth projects, how the repayment will be 350 million USD odd? There are hidden clauses, which the Govt does not want to reveal to IMF and Public at large. If you go by Sri Lanka experience, it will be taking over the asset for 100 years lease. This is the reason IMF is worried, as their money will go to these Chinese entities.
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Oct 26, 2018 07:30pm
@Well meaning.... it's 2 percent mentioned in this article. Much lower than even Saudi loan and IMF packages... Still I believe China should reconsider its policy to protect local businesses interest.. after all these projects not entirely for China.. must give due share to participating countries
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Oct 26, 2018 07:30pm
2 percent interest per month
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Oct 26, 2018 07:32pm
@IT MAKES ME LAUGH Then why are you here?
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Oct 26, 2018 07:33pm
Why are both Pakistan and China not being transparent about CPEC? Seems like there is something they want to hide.
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Oct 26, 2018 07:34pm
There is no denying the fact that many Indians are jealous of CPEC and many Pakistanis think because Indians are jealous , it should be just good for Pakistan. Most Indians nor Pakistanis understand development economics.
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Oct 26, 2018 07:36pm
@Well meaning read the dam article then you will know. It’s 2%.
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Oct 26, 2018 07:38pm
All a pack of lies.....£300 to £400 million interest? 700,000 jobs for whom? What about the local energy needs? Local industries who will these be set up by and owned by whom and who will work for them? What 22 initiative projects and who have they been allocated too? lots of unanswered questions?
Pakistan need to acknowledge its friendship but not at the cost of Pakistanis loss.....friendship isnt just one way.
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Oct 26, 2018 07:41pm
@Well meaning .The envoy already mentioned in the news conference that loans to Pakistan are at 2 % which is half the market rate and loans payable after 15 to 20 years. The balance of payment problems facing pakistan are not related to Cpec projects but the free trade agreement with China is mson cause.
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Oct 26, 2018 07:42pm
@N_Saq...ok good. But what is interest rate?Why so secret?
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Oct 26, 2018 07:50pm
@Alla Bux well said
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Oct 26, 2018 08:08pm
If the interest rate is not 14% then what is the actual rate? Why the chinese envoy did not disclose?
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Oct 26, 2018 08:08pm
If CPEC terms are as good as the envoy says why not make it public. If both countries are benefiting then why leave scope for rumours. If $19 billion invested and Chinese loan is only $6 billion then difference of $13 billion is Pakistan’s own money.
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Oct 26, 2018 08:12pm
Where are the proofs?
Do show evidence of anything that Pakistan has benefited other than any Brothels along the highway.
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Oct 26, 2018 08:15pm
All is suspicious. Chines goods made in Pakistan or going to Gawadar should not be sold in Pakistan, these Chinese made products must go thru pak to be sold abroad Arabs, Europe & Americas. That is the only way out to save the local industry and its employees.Tax the transit fee for these goods and pay back the Chinese loans and its interests.CPEC industry in Pakistan must have 95% of Pakistani employees. PM. IK going China should settel these issues.
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Oct 26, 2018 08:15pm
@Bobby "Why are both Pakistan and China not being transparent about CPEC? " Ask US and India, they are very transparent and they know everything.
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Oct 26, 2018 08:17pm
Why dont they publish the cpec contracts to general public if cpec is such a messiah
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Oct 26, 2018 08:17pm
@IT MAKES ME LAUGH "Who cares." India and US, above all. The main concerned parties are very comfortable.
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Oct 26, 2018 08:21pm
CPEC agreement - Make it public so that Pakistani people who own Pakistan should know which one is true - CPEC a blunder or fortune.
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Oct 26, 2018 08:24pm
Wonder why so many countries are regretting their deals with China then? Sri Lanka already gave their port for 99 years and other countries are cancelling their deals. Pk has yet to see any benefit.
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Oct 26, 2018 08:26pm
'CPEC is not a burden on Pakistan's economy' but WILL be a burden on Pakistan's economy in next 5-10 years.
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Oct 26, 2018 08:32pm
The Chinese clarification is a egg on CPEC's opponents face!
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Oct 26, 2018 08:32pm
The ambassador said that they are ready to "provide information and clear reservations" regarding the project at anytime.
When and where?
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Oct 26, 2018 08:33pm
@Khawaja Ikram Ul Haq Your maths is correct but doesn't factor in economic growth over those years which should be able to absorb that cost. It's like buying a house on mortgage where you end up paying a large sum in interest over let's say 25-30 years, however ultimately you also end up with an asset which increases multiple folds in value.
Pakistan's debt is in fact very low compared to many countries, the issue is level of debt vs what the country can afford has become unsustainable and that is primarily because borrowed money is usually spent on servicing other debt or lost due to corruption i.e. not invested properly to generate value.
As for people questioning the interest rate it is quite clearly articulated in the article it's 2% and repayments do not start for a couple of years when it is expected the economy will start to pick up. The whole thing about Pakistan using IMF to service Chinese debt or China is charging 14% etc is open propaganda by primarily two nations and we all know who they are!
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Oct 26, 2018 08:35pm
@Well meaning 2%
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Oct 26, 2018 08:36pm
@koncerned do you know this 400million per year is just interest ...
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Oct 26, 2018 08:38pm
He is saying that it is a burden on the pakistani people and not the pakistani economy.
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Oct 26, 2018 08:41pm
@Canan Rajpar 2%
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Oct 26, 2018 08:45pm
At 2% interest, IK should have opted for further loan from China rather than going to IMF or KSA. With interest rates revealed, I don’t understand what IK is doing.
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Oct 26, 2018 08:55pm
So why don’t you write off loans?
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Oct 26, 2018 09:02pm
Most comments are by trollerers & haters of Pakistan. Mostly are indian using Pakistani names. Ignores them and move.
We love you China. Keep growing keep moving we are standing by you in every weather.
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Oct 26, 2018 09:02pm
@Asad, If it is propaganda, why so secretive about the facts? US is the major contributor with nearly 16.8 % voting rights in IMF. China and India contributes equally and have nearly 3.6 % voting rights. If CPEC is a bilateral agreement, then why are you approaching IMF for bailout? US is the sole super power and every right to question bailout, as US President is accountable to Congress on Tax payer's money. Concerns regarding CPEC is genuine, not a propaganda.
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Oct 26, 2018 09:03pm
If total financial cost/ interest is around 2% of the disbursed amount on reducing balance and repaid over a period of 20 years, if under arrangements we borrow say US$50 billion, the total amount we have to repay will be around US$60 billion including Principal amount and interest.This is good deal provided the related contracts value being built by the Chinese are within the range and similar to any other supplier/contractor.There is nothing to hide and people must know the clear terms the arrangements of loan
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Oct 26, 2018 09:04pm
@BAXAR it is the right of Pakistani people to know the details sir... They are going to pay up... Not India or USA.... So please ask IK to fulfill his promise of transparency on cpec...
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Oct 26, 2018 09:04pm
If you are true then why are we seeing justifications from both sides regularly on CPEC.
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Oct 26, 2018 09:10pm
Great thanks for the clarification Honorable Ambassador Xing. Now we know.
SinoPak Iron Brothers 4 Life!
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Oct 26, 2018 09:22pm
@Nileshpot A uber version of Walmart, IKEA in the making.
These Chinese ambassedors have been saying that they are ready to share data for last 1 month. Did it share and why is Pakistan no sharing if it is sane business.
If Pakistan have to pay 300 to 400 millions in 2020-21, what did it even make until now?
Even if we ignore the $ numbers, can any of these 2 govts share the employment data for local Pakistanis and Chinese.
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Oct 26, 2018 09:26pm
It is clear these are all loans. Good to know it is at 2% interest in USD. Please also inform whether guaranteed returns are 17% or 23% as per some data provided earlier.
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Oct 26, 2018 09:34pm
@Sachin I agree with you, if both nations trade IndoPak trade together this would be good for all the humanity is living in poverty in our nations. We will see what happens after elections are done in India.
IndoPak Blood Brothers 4 Life!
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Oct 26, 2018 09:37pm
If 14% is a LIE, then is 2% the truth?
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Oct 26, 2018 09:38pm
Envoy forgot to tell that there is guarateened returns also of 17-23% where these loans are invested whether in power sector or roads, etc.
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Oct 26, 2018 09:45pm
Chinese are now nervous. Whole world has realized the Chinese agenda of trapping economically vulnerable countries. After Srilanka, Malaysia, Maldives, African nations, they are worried Pakistanis may start to realize the truth and scrap the deal. Hence the worry on their face.
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Oct 26, 2018 09:52pm
Why issuing so many clarifications??
Something is wrong
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Oct 26, 2018 09:59pm
He said 2%, we need to keep questioning , so that China will realize that it needs to ease up on Pakistan , CPEC still seems to be a big development plan , and it will benefit Pakistan , we could scrap out the things that we don’t need .
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Oct 26, 2018 10:21pm
Chinese envoy used half truths in his statement whereas Pakistani public is asking for full disclosure of all CPEC agreements. We don’t want Lahore - Karachi motorway on borrowed money. We shall build it with our money when we are able
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Oct 26, 2018 10:24pm
China invested in Pakistan when every other country has left Pakistan because of its precarious law & order situation; China has its own interest but Pakistan has also benefited a lot. The rest of the debt is fine but everyone has a problem with this loan with 2pc interest rate. Shun the western propaganda because the west wants do not want to lose its grip on this part of the world; the US is supporting India because of this; they are even considering to waiver sanctions under CAATSA on India for the purchase of S-400 from Russia. Don't become part of the west propaganda.
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Oct 26, 2018 10:33pm
@bharat - agree with you, if CPEC helps Pakistan then it's good for India as well.
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Oct 26, 2018 10:44pm
PM saahib is again going to visit friendly countries, to ask for deferred payment by 200 years. That is his masterplan of steering Pakistan out of troubles.
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Oct 26, 2018 10:44pm
@Well meaning please ready in detail. Don’t just skim through.
Pakistan only has to pay 2pc interest. It has 15 to 20 years to repay the loan. From 2020 to 2021, Pakistan has to pay between $300m and $400m
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Oct 26, 2018 10:46pm
95 % comments are posted by Indians!???
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Oct 26, 2018 10:48pm
Doubts have been created by the enemies of Pakistan and China. These can be cleared by providing the details of the agreements reached between the two countries. Transparency in such case can kill the evil designs. The CPEC secretariat must place all the details on web site.
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Oct 26, 2018 10:48pm
@BAXAR Don't try to change the reality. Our country is in trouble to make Loan Payments. When time will come for US and India, we shall talk about that matter....keep attention here at our foot steps :-(
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Oct 26, 2018 10:50pm
I trust you, only if the terms are made public
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Oct 26, 2018 10:58pm
Good to know !
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Oct 26, 2018 10:58pm
We need to look at Bangladesh model. How they have created an export market for their finished goods to US and Europe. Subservient to Chinese goods and services is not good for us in long term. Any geo political move against China will again put us in the brink. China is already feeling the heat of US trade embargoes. The Chinese foreign reserve is depleting at a higher rate now.
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Oct 26, 2018 10:59pm
Let the financial experts to peer review his statement.
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Oct 26, 2018 11:05pm
Will IMF buy in this story before helping us.
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Oct 26, 2018 11:28pm
Fourteen percent interest is certainly a lie. But why don't they come clean with the true information on terms and conditions. For any commercial deal world wide, terms and conditions are always specified as there is nothing to hide. The same must be true for CPEC.
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Oct 27, 2018 12:05am
@koncerned
Where are silent Pakistani counterparts to address Pakistan nation concerns. We were told it was chines investment and now discovering all is loan to pay back. When governments will stop making fool of people of Pakistan.
China is only interested in its own well being. Only Chines company get contracts at expense of Pakistani construction companies and poor quality make in China machinery is used in projects. Where is transparency and even if this is propaganda who is there to answer from Pakistani side. Only media is alerting nation of Hidden parts of CPEC terms.
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Oct 27, 2018 12:17am
yes it is a burden on Pakistan Economy.
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Oct 27, 2018 01:20am
@Satya - That's a fair view.
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Oct 27, 2018 01:23am
China grows Pakistan grows. We grow together
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Oct 27, 2018 01:26am
A simple question to everyone. Why the details of CPEC have been shrouded in secrecy? One could blame the previous Govt. but the current Govt. should publicly come out and share it's views. The more justifications, the more questions people will have.
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Oct 27, 2018 02:09am
Pakistani trust China, and understand CPEC is in interest of Pak, the only feeling about CPEC project is “ slowness” a bit fast will be more appreciated. Pak look forward to see early completion of CPEC. More prjects and offers in offing like
big oil refineries, and oil explorations all along the Pak Coasts, right upto Chahbahar. The whole Coastal Belt shall look like a great commercial hub. The destiny of Balochistan is prosperous, let’s hope for the best.
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Oct 27, 2018 02:23am
Something Pakistani politicians should be telling. Debt to equity ratio is below 80% in most of these projects. China'd debt is not an issue right now but if Pakistan does not take advantage of the infra and penetrates China's merket or China doesn't start developing the West China which needs the CPEC more than the developed parts then it will be a hurdle. Learn every project and make a local JV with China so future projects can be done in a 50/50 split.
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Oct 27, 2018 02:24am
All those who think China is squeezing developing countries are wrong as the world know that China is Super power with trillion of US$ in surplus and they are planning for 2030 when they will need all weather friends all around the world to introduce new global currency namely Yuan Dollar to replace US$ and thereafter all prices of commodities will be traded in Yuan Dollar instead of US$ as by that time China will be the buyer/ consumer of around 60% of world commodities.By 1930 China may be holding 80% of the Gold reserve.By then India will too join Chinese club for survival as US$ will broke.After 1944 Bretton Woods agreement will revoke and hopefully in 1930 new acceptable currency will float.
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Oct 27, 2018 02:26am
Sir 2percent per annum or per month. Please give option for deferred payment like Saudis. Thanks
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Oct 27, 2018 02:58am
@Well meaning
It's written in the text. 2 p.c.
Does not Sounds too high to me.
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Oct 27, 2018 02:59am
If indeed it is a Chinese loan to Pakistan, then Pakistan should assume responsibility to construct and commission the project to agreed timelines, and execute it, involving Chinese resources as needed. China should guarantee toll a level of toll payments for passage. Pakistan should repay the loan from the toll proceeds.
After all, it is a loan that Pakistan is obliged to repay. So, it must also have the right and freedom to spend it as it sees fit, as long as the requirements are met.
That's how this project and contracts should have been negotiated and executed.
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Oct 27, 2018 03:11am
@N_Saq India is not concerned about Pak itself, but about China taking over Pak. Your harping on China having 'no choice' is hollow. China has already declared its intention to extend OBOR into Afghanistan and Iran. It will play these countries against each other and get the best bargain - along with interest.
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Oct 27, 2018 03:20am
If interest rate is only 2% why not borrow more from China? What's the point of approaching IMF, the Saudis and UAE for loans / deferred payments?
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Oct 27, 2018 03:33am
Thank you for clarifying CPEC issues. It is a breath of fresh air which will blow away negativity towards CPEC, portrayed by “some” readers of Dawn.
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Oct 27, 2018 04:45am
Brilliant explanation by the ambassador ! CPEC is win win situation for both Pakistan and China. I also agree with the ambassador that countries like India, U.S.A. is very jealous as they don't want to see Pakistan prosper and be financially independent.
Also those who is spreading lies regarding interest rate China is charging Pakistan need to stop their virulent propaganda against CPEC.
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Oct 27, 2018 04:47am
The interest rate is only a diversion - the profit
the Chinese made in these single bid contacifor
Chinese construction labor and materials
(Often used and out-dated) sold on single
Bid and no competition and secret agreements
Would pay not 14 percent but a lot higher interest rate! Two percent is a show and a diversion! Rest of the interest is hidden in the loan capital
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Oct 27, 2018 05:02am
China is a shop which work as loan to own.
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Oct 27, 2018 05:16am
What do you expect him to say other than it’s not a burden on Pakistan . This was the same tune they played in Sri Lanka, Venezuela and in many African countries
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Oct 27, 2018 05:44am
Whatever the China says is always right, don't waste any time on it
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Oct 27, 2018 06:00am
@Philosopher (From Japan) China wants money back, so will not want the country fail. What other alternative you suggest. I have see projects are done at 30% charge rate still succeeded
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Oct 27, 2018 06:20am
@Sadaf CPEC is the first project of OBOR, which is going to link many countries.. it is not an exclusive sino pak pact...Even China and Pak have invited india to participate in CPEC many times, why ?
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Oct 27, 2018 06:22am
@Jammer However much you love China, you will have to pay back....That is the bottom line... No country is jealous of your debts, please sir....
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Oct 27, 2018 06:30am
I imagine that there are clauses built into the agreement that will guarantee Chinese military access to all CPEC railroads, highways, harbors, airports, pipelines, power grid, etc..
If Pakistan has negotiated away control of any of this infrastructure they’ll have made a big mistake. Why else would they be so desperate to conceal the terms of the agreement?
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Oct 27, 2018 06:38am
@M. Emad And long after.
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Oct 27, 2018 07:20am
@M. Saeed if foreign investment in manufacturing realised otherwise there is nothing .
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Oct 27, 2018 07:47am
Chinese are smart businessmen....now their eyes are on 6billion $ that pakistan will get from Saudis....in the next six months, you will see hordes of Chinese visitors praising pakistan to get a pie of loan from Saudi....I really admire Chinese business skills...
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Oct 27, 2018 10:59am
@Well meaning he already tells this. The interest rate is 2%.do not comment by just reading the headline
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Oct 27, 2018 03:43pm
What else can he say to protect his skin and save his job?
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Oct 27, 2018 06:49pm
Live Long Pak China Friendship
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Oct 27, 2018 08:31pm
@Khan "now their eyes are on 6billion $ that pakistan will get from Saudis." Are Zardari and the Sharifs ruling China now?
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Oct 28, 2018 04:14am
I have just taken a 30 yr housing loan from a bank in australia and the interest rate is 3.5 % , I do not understand why pakistan can not take loan from these banks and implement its development agenda . then it can invite competitive bidding for the projects.
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