CPEC- STRATEGIC ADVANTAGES FOR PAKISTAN AND CHINA

INTRODUCTION
1. Economic corridors have appeared as a significant tool of local cooperation and development in a globalized world. The name ‘Corridor’ suggests a passage that connects the two separate countries or regions. ADB defines ‘Economic Corridor’ as “they join economic lumps along a distinct landscape”. The impression is to increase economic expansion by connecting backward regions with more developed industrial hubs and to expand access to markets through the merger of trans-border production networks.
2. During the visit of Chinese Prime Minister to Pakistan from 22 to 23 May 2013, China proposed a ‘China-Pakistan Economic Corridor’ (CPEC or C-PEC) to connect Kashgar in China’s Xinjiang …show more content…
CPEC is one of the most vital components of a larger planned setting of Peoples Republic of China. 21st century saw the reconfiguration of the world strategic picture driven by Chinese phenomenal economic development and emerging as a leading global power. Chinese President Xi Jinping first time presented China’s vision for a land-based “Silk Road Economic Belt” (SREB) in a 2013 speech in Kazakhstan. The idea was to “develop closer economic relations, deepen assistance, and increase progress in the Euro-Asia area”. In early 2015, the outlines of Beijing’s policy began to appear as China’s headship place out plans for the “Silk Road Economic Belt” passing between Central Asia, and a “new 21st Century Maritime Silk Road” amidst Southeast and South Asia. China specified to both jointly as “One Belt, One Road” (OBOR) . A significant advancement in this area was the suggestion to develop two economic corridors in South Asia. One is CPEC and other is BCIM-EC(Bangladesh-China-India-Myanmar Economic Corridor ,a sub-regional initiative linking China’s Yunnan Province through these countries. This is in line with new initiative in Chinese foreign policy called ‘Marching Westwards Policy ‘to help China’s plans to open up and develop its landlocked western