BEIJING: Renmin University of China’s Chair Professor Jean Monnet published an article on Thursday for China Global Television Network (CGTN) in which he wrote, “The CPEC is creating solid conditions for Pakistan’s middle country dream to become a reality by building infrastructure and energy capacities, industrial parks and ports, creating mutual benefits with Belt and Road.”
Pakistan was previously viewed as a failed state by many Western countries, but according to the vision of the mid-to-long term China-Pakistan Economic Corridor (CPEC), it will be a middle power around 2035 after its economy takes off.
Monnet denied the made by the Western countries which have termed One Belt One Road (OBOR) initiative as “Debt imperialism”. This label seems to have come about after more than 86 countries and international organizations signed the 102 Memorandum Of Understanding with the Chinese government to carry out various projects.
Monnet recalled in the early days of its reform and opening up, China borrowed from the World Bank and Asia Development Bank. The West was worried about a possible debt crisis, but it never happened when China’s economy took off.
“We should not take a narrow view on debt, as a certain level of debt can have positive externalities and OBOR is aimed at building industrial capacity rather than infrastructure only,” he
“Actually, even some Chinese worry about their country’s own debt by building infrastructure for the Belt and Road countries, given the political instability in many of them and the uncertainty of globalisation. What could be possible measures to mitigate such risk? The only way is to create long-term economic growth in the different countries,” he concluded.