With related major energy and infrastructure projects being in full swing, China-Pakistan Economic Corridor (CPEC) has become the center-point where transit trade routes converge linking Russia with Central Asia.
Pakistan has also provided a special security division to secure CPEC from all dangers, a Chinese official website â€˜China.org.cnâ€™ opined on Tuesday.
The Belt and Road (B&R) kicked off with the CPEC, the first of its six corridors and the linchpin of the B&R strategy, as it unlocks Central Asia, connects to Xinjiang, leads down to Gwadar port and then onwards to Africa, Iran and the Middle East.
All this economic activity has also brought about a major geopolitical realignment in the form of the China-Russia-Pakistan power troika, an equation which, provides economic benefit while it addresses mutual security concerns.
It also consolidates the entire region vis-a-vis the new dimension of U.S.-India ties. The B&R initiative is a vital combination of geo-economics and geo-strategy.
The Belt and Road (B&R) is an innovative paradigm of global integration involving 65 countries, including one-third of the worldâ€™s GDP, impacting 65 percent of the worldâ€™s population and a quarter of all the goods and services, the website observed.
Chinese President Xi Jinping announced the Belt and Road Initiative in late 2013. It comprises the â€œBelt,â€ which is a network of roads across the world, and â€œthe Roadâ€ which is actually a network of shipping lanes and ports.
The project has a geo-strategic component focused on advancing Chinaâ€™s economic goals and utilizing its industrial potential. It serves to remove Chinaâ€™s dependence on the Malacca Strait for oil imports, improves trade connectivity, furthers Chinaâ€™s foreign policy and minimizes conflicts as it reconnects the world.
This project of the century has kept the world economy afloat since 2013 by withstanding the crash of the trans-Atlantic banking systems.
As PricewaterhouseCoopers reports, the â€œreal valueâ€ in Chinaâ€™s economy and its investments in countries along its Belt and Road initiative is shifting to infrastructure projects and rising at a rapid pace.
The B&R is to be financed mainly by the Silk Road Fund and the Asia Infrastructure Investment Bank. Additionally, the collapse of the Trans-Pacific Partnership provides Beijing with the perfect opportunity to re-integrate Asian investment that used to find its way to American banks.
Further prospects and direction of the B&R initiative will be determined at the â€œtwo sessionsâ€ as the project is an integral part of Chinaâ€™s new reforms and an intrinsic part of its foreign policy.
China is going to hold the Belt and Road forum this May and it would be a masterstroke by China if more countries like U.S. and India announce their participation or signal their approval with their presence at this forum; the great game is never really over and there is much more scope in Chinese wisdom and peaceful globalization in the Eurasian Century.