Hailed as an "economic game changer," $46 billion China-Pakistan Economic Corridor (CPEC) project, which envisages linking Pakistan’s Gwadar port with China’s Xinjiang province, will provide China with a direct access to the Western Indian Ocean and Pakistan an opportunity to becoming a logistics hub for trade with the Central Asia, Western Asia and Western China.

Financial experts and economic analysts like Salman Shan, however, maintain that whether CPEC project really becomes a game changer for Pakistan will depend on both Beijing’s and Islamabad’s commitment to achieving the goal of Sino-Pakistan economic integration and the extent to which they are able to achieve this target.

Globally, China now enjoys the distinction to be not only one of the largest economies having foreign currency reserves of $ 3.6 trillion, it is also the largest exporter of goods netting $ 2.34 trillion, and the third largest importer buying goods worth $ 1.96 trillion.

Chinese consider coastal cities as "engine" of economic growth since the introduction of reform and openness policy in 1978. One may recall the observation made by a great strategist and China’s former Prime Minister Zhu Rongli, stating that every super power had access to the sea on all sides of its borders, in the contemporary world as does the USA which has an east coast and a west coast.

In its pursuit for national economic growth and development, Pakistan can also develop coastal cities and discover opportunities, issues and challenges in coastal city planning. The Chinese experiences show that the development of coastal cities is dependent upon national policies of making use of the open seas and maritime trade in connecting national economy to the global economy.

Economically, Pakistan can be to China what California is to the USA, stated Salman Shah while addressing a conference on "CPEC: Macro and Micro Economic Dividends for Pakistan and the Region" at Islamabad on September 20, 2016. The two-day conference was jointly organised by the Islamabad Policy Research Institute (IPRI) and the German Hanns Seidel Foundation in Pakistan.

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The CPEC project will almost be entirely financed by China and the Peoples Republic has committed $45.6 billion for various energy and infrastructure projects over the next six years, stated Saima Shafique. China will provide about $10 billion in the form of commercial loans, while the remaining will be provided in the form of export credit and non-reimbursable assistance by the Chinese banks.

As regards fund allocations, $33.7 billion was envisaged to be spent on the energy projects, while $5.9 billion has been earmarked for roads, $3.69 for railway network, $1.6 billion for Lahore Mass Transit, $66 million for Gwadar Port and $4 million for optic project.

While America is talking about building walls, China is pursuing an open door policy, becoming the largest trading partner with more countries as compared to the USA and also the largest donor for the developing countries. Furthermore, with increase in its prosperity, China is switching from an investment-driven growth strategy to a consumption-driven growth strategy, which holds major opportunities for neighbouring Pakistan.

However, for realising the CPEC goals and objectives, Pakistan needs to develop global competitiveness through connectivity, access to markets, skills development, know how, transfer of technology and availability of financial resources. Though in a globalised world, economic competitiveness is a key to growth, unfortunately, Pakistan’s ranking is very low on this score. At present, it occupies 128^th position among 140 countries while India stands at 55^th and Nepal 117^th position.

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Therefore, initially, Pakistan’s goal should be to transform its pivotal geography and strategic relationship with China into a sustainable process of economic integration between the two countries, leading to a huge trading bloc, encompassing Africa, Middle East, West Asia, Central Asia, Pakistan, China and Russia, ultimately.

Among others, the CPEC includes: roads and communication infrastructure, economic zones, Gwadar port and energy projects. All these projects require investment and thus an opportunity to the investors to earn profits. This would bring investment opportunities and economic advantages to Chinese companies, consultancy and employment prospects for Chinese experts and workers, boost export of Chinese machinery, brighten chances for the Chinese companies to establish joint ventures with Pakistani companies and also pave the way for making Kashgar (China’s Western region) a regional hub, stated Khalid Rahman, DG Institute of Policy Studies.

By providing a much shorter route for the transportation of oil to China’s eastern and south-eastern coasts, CPEC will bring huge economic benefits to China in terms of reduction in transport and insurance costs. At present, over 60 per cent of China’s oil is transported to the area through the Persian Gulf. However, this journey takes two to three months while ships are at risks - not only in the Indian Ocean and Strait of Malacca but increasingly so due to the tensions in South China Sea, whereas through CPEC planned routes it will take only 4-5 days by land route and even less when rail link and pipeline projects materialise.

Furthermore, the importance of this multi-dimensional and long-term plan would not remain confined only to Pakistan and China, but it has the potential to benefit the regional economic environment as well as the overall global trade and economy.

CPEC is expected to enhance Pakistan’s economic growth by 1.5 to 2.0 per cent by 2020 and an additional 1.0 to 1.5 per cent by 2030, said Prof. Dr. Ather Maqsood Ahmed. Besides, higher economic growth will create 1.5 to 2.0 million new jobs per annum, thereby increasing per capita income and tax revenues as well.

Dr Syed Irfan Hyder, Dean IBM Karachi, pointed out that the feasibility information currently available on various official websites lacked qualitative data: it was inadequate, too shallow, outdated, inconsistent, too standardised, template like and least customized for CPEC projects. He quoted a member of a Chinese delegation as having remarked: "This is my 50^th visit (to Pakisan). All I have heard till now are general comments. There is no specific industry information that would help us in making investment decisions." A startling statement, in deed, which is a sad reflection on the poor performance, below average competence, lack of commitment, dedication and vision of our bureaucracy!

Lack of qualitative data could lead to delays in the completion of crucial projects; while non-availability of industry-specific information could dampen the prospects for foreign investments. It is time the authorities wake-up from their deep slumber and start work in the right earnest to prepare project-specific qualitative data and also get such feasibility studies prepared that brighten the chances of attracting foreign investment. The CPEC has offered us a good chance for growth and development. We should not squander it.

Prominent amongst others who addressed the conference included: Punjab University’s Vice-Chancellor Dr. Mujahid Kamran, Charge d’Affairs of the Chinese Embassy Zhao Lijian, Ambassador Sohail Amin and noted economist Dr. Ashfaque Hassan Khan.