China, Pakistan invite third country to join CPEC, project struggling due to shortage of funds and delays
Chinese President Xi Jinping and then Pakistani Prime Minister Nawaz Sharif launched CPEC in 2015. Pakistan’s economic difficulties had begun long before that and the project aimed to lift the country out of its dire economic situation, by putting it on the path to growth. .
Meanwhile, projects rising under CPEC were not only stalled due to a lack of funds, they were also plagued by corruption and security threats.
Analysts also say that establishing a modern port in Gwadar will pave the way for a Chinese military base in the region in the future.
The Baloch people claim that their province is exploited for the benefit of Islamabad while the region remains backward and has not benefited from the projects.
China and Pakistan plan to expand CPEC to Afghanistan to promote economic development and stability in the Taliban-ruled nation in exchange for guarantees on security and human rights, especially education girls, according to reports.
At Friday’s meeting of CPEC’s Joint Working Group (JWG) on International Cooperation and Coordination, the Foreign Ministry said in a statement, “As an open and inclusive platform, both sides have invited interested third parties to benefit from the mutually beneficial avenues of cooperation opened up by CPEC.
The invitation comes at a time when even China’s economy is facing headwinds from bank protests, property developer defaults and mortgage strikes that analysts say could erode public confidence in the banking system.