Impact of COVID-19 Pandemic on China-Pakistan Economic Relations under Belt and Road Initiative

Abstract

The chapter deals with China-Pakistan economic relations under China-Pakistan economic corridor (CPEC), which is considered to be a flagship corridor under the Chinese ‘The Belt and Road Initiative’ (BRI), also known as ‘One Belt One Road’ or ‘New Silk Road’. COVID-19 pandemic has dramatically changed the composition of the world economy. Now BRI has become even more important for China's economic strategy to sustain its long-term growth. The authors investigate CPEC to be Beijing's most ambitious project so far and mark, that despite possible concerns and challenges, CPEC will succeed. The authors identify the advantages and benefits that both Pakistan and China will gain. Further promoting of ‘westward’ strategy, which facilitates the economic and social development of Western China, boost in the export of capital, technology, production capacity is considered to give a new impulse of Chinese economic development. Rise in industrial potential, stimulating socio-economic development, improvement of population well-being, as well as maintenance of internal stability are among Pakistan's benefits from CPEC.

The chapter identifies the short- and long-term effects of the COVID-19 on implementing CPEC, as well.

Citation

Belova, I.N., Egorycheva, E.A. and Belov, F.D. (2022), "Impact of COVID-19 Pandemic on China-Pakistan Economic Relations under Belt and Road Initiative", Popkova, E.G. and Andronova, I.V. (Ed.) Current Problems of the World Economy and International Trade (Research in Economic Anthropology, Vol. 42), Emerald Publishing Limited, Leeds, pp. 25-35. https://doi.org/10.1108/S0190-128120220000042003