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China appears to be backing away from its initial financial promises to Pakistan under Beijing-financed China-Pakistan Economic Corridor (CPEC), a US$60 billion infrastructure building plan, amid rising corruption and terrorist attacks on Chinese engineers.
According to Asia Times, Pakistan Army is set to take near-total control of the CPEC in a bid to reassure Beijing that their investments will be more secure amid terrorist attacks on Chinese engineers and others facilitating the infrastructure projects.
The new bill comes at a time when reports suggest that China is slowly retreating from its promises.
Overall lending by the state-backed China Development Bank and the Export-Import Bank of China declined from a peak of USD 75 billion in 2016 to just $4 billion last year. Provisional 2020 figures show that amount shrunk to around $3 billion in 2020, according to data of Boston University researchers in the United States.
