Chinese Foreign Minister Wang Yi on Saturday rejected concerns that China was burdening Pakistan with debt through its investments in the USD 50-billion China Pakistan Economic Corridor (CPEC), as he reaffirmed China's all-weather strategic cooperative partnership with the country.
Wang's remarks came as he met his Pakistani counterpart Shah Mahmood Qureshi and discussed various issues of mutual interest, including the CPEC.
Wang, who arrived here on Friday on three-day visit, held one-on-one and delegation-level talks with Qureshi, according to Pakistan Foreign Office.
He said that the CPEC helped create more than 70,000 jobs in Pakistan and contributed to the national growth.
"The CPEC has not inflicted a debt burden on Pakistan, rather when these projects get completed and enter into operation, they will unleash huge economic benefits...and these will create considerable returns to the Pakistani economy," Wang said.
He said Pakistan's 47 per cent debt was due to loans from the International Monetary Fund (IMF) and the Asian Development Bank (ADB).
Wang further said that the (CPEC), which is a flagship project of Chinese President Xi Jinping's Belt and Road Initiative, increased economic growth.
Wang's remarks came after some analysts warned of the Chinese debt trap.
"We have decided to strive for a greater balance in two-way trade. China will earmark amounts of subsidiaries to encourage imports from Pakistan and will send more tread coalition teams to Pakistan. We will also broaden the market access to Pakistan's competitive agricultural products," he said.
Wang said that the two sides decided to complete negotiations on the Free Trade Agreement (FTA) by the end of this year and China would help in developing a local manufacturing center in Pakistan.
Qureshi said that Pakistan was committed to the CPEC which is a "proof of how seamless the belt and road initiative can become with the help of all stakeholders."
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