R C GANJOO
The economic war is spreading like a fire in the jungle and vexing the common people living around the globe. Sri Lanka's deep economic crises are so real that they cast their shadow on Pakistan. In the present scenario, the political instability and social unrest have ultimately destabilized Pakistan's economy to face difficult times.
The mega project of USD 46 billion known as the China-Pakistan Economic Corridor project (CPEC) of the 21st century and China's Belt and Road Initiative (BRI) have been in the line of fire. China's BRI is a strategy initiated by the People's Republic of China that seeks to connect Asia with Africa and Europe via land and maritime networks with the declared aim of improving ‘regional integration, increasing trade and stimulating economic growth.'
But the sudden increase in terrorist attacks against Chinese teachers, engineers, technicians and workers at various projects of the CPEC in Pakistan clearly indicated that the Balochistan Liberation Army (BLA) violent activities and the TTP's hostilities and dissatisfaction among main stakeholders are responsible for pushing the economic success and greater regional connectivity of CPEC in doldrums with Afghanistan and later with Central Asian Region (CAR)
According to economic experts, poor socio-economic conditions, Chinese economic exploitation, the unpleasant role of the state apparatus, political marginalization and social stigmas against Balochistan and its people are the causes of tragic incidents. The economic charisma of BRI has been launched by forces of neo-colonialism through the help of hybrid war.
On the other hand, China's support to Sri Lanka in defending its national sovereignty and upgrading the Belt and Road projects also received a jolt.
Another strategically important country of Southeast Asia – Maldives – had the same replications because of its growing socio-economic ties and cooperation with China.
The Western political observers are of the opinion that China's growing economic footprint in Africa, especially its BRI, has apprehension. They argue that Chinese investment is a debt trap that will eventually lead to neo-colonialism. They feared that the Chinese debt trap is likely to surface even in Nigeria, Kenya and Ethiopia. Against the Chinese BRI, the European Union has announced its own BRI Global Gateway to help Africa and other developing countries. Moreover, the G-7 led by the US has also announced the Build Back Better World (B3W) initiative to counter the Chinese BRI economic influence around the world
Now, after the closure of CPEC, Pakistan in a secret land deal leased out Upper Hunza Valley in a mineral-rich area of Gilgit Baltistan to China in an attempt to ease the debt burden from the Chinese in the China-Pakistan Economic Corridor (CPEC) project.
The deal will allow Chinese companies to mine in the Gilgit-Baltistan regions putting locals out of jobs. The “land-grabbing” in the name of development under the CPEC banner has enraged locals and in turn, resulted in a flurry of protests across the region over months now, media reports said.
