China-Pakistan Economic Corridor: a gateway to sustainable economic development

TLDR: In this paper, a review of the available literature to assess the role of CPEC in the sustainable economic development of Pakistan is presented, which indicates that CPEC is an ambitious development project because it needs a larger restructuring of the economy of Pakistan and it will be productive with the successful blend of policy changes and participation of the business community.

Abstract: The purpose of this paper is to discuss positive spillovers of this project, especially for Pakistan because the majority of the literature discusses challenges associated with China-Pakistan Economic Corridor (CPEC).,This study reviews the available literature to assess the role of CPEC in the sustainable economic development of Pakistan.,This study indicates that CPEC is an ambitious development project because it needs a larger restructuring of the economy of Pakistan and it will be productive with the successful blend of policy changes and participation of the business community in Pakistan. This project primarily creates a huge amount of foreign direct investment for Pakistan, at the same time, it will also create greater trade opportunities to China by giving access to a new market for its trading goods.,This study established that CPEC will improve the economic growth and trade, enhance regional connectivity, overcome energy crises, develop infrastructure and establish people-to-people contacts in both the countries, which will further help to improve the tourism sector.