SINCE 2015, China has invested billions of dollars in Pakistan. Has that bolstered our economic development? Opinions vary. Most people feel that Chinese investments, led by CPEC, have contributed to improving the country’s road, electricity and port infrastructure. A smaller segment is sceptical, arguing that these investments have contributed to Pakistan’s debt trap. A dispassionate analysis is needed.
When President Xi Jinping visited Pakistan in April 2015 to launch CPEC, Pakistan was in the throes of transnational terrorism. Operation Zarb-i-Azb was underway in North Waziristan. In 2016, the US, India and Afghanistan commenced efforts to isolate Pakistan diplomatically. Naturally, no country was ready to invest here at that time. Under these circumstances, the $46 billion worth of promised investments from China were a breath of fresh air.