According to the Chinese Foreign Minister Wang Yi, BRI is a global public good that follows international standards and an international cooperation platform that follows market principles. He made this statement during a press conference on the sidelines of the annual session of the National People’s Congress.
China will work on hardware connectivity of infrastructure as well as software connectivity standards, policy and regulation, he added. He further said that the initiative will be economically suitable, high standard and good for the whole world.
More than a hundred countries and organisations are supporting the initiative. Futhermore, more than 80 of them have signed agreements of cooperation with China.
As per the experts, a power project planned under CPEC has brought down 13-14 hours power outages on a daily basis in 2013 to zero in 70 percent in Pakistan now.
The impact of the mega project on the South Asian economy is favourable as well since as it helped the countries in the region achieve 5.3-per cent economic growth last year, 2017, which is the highest in the last 10 years.