The “blue” industry, especially the high range one, is one of the main development areas for the economy also in the near future.
China, which has always tried to strike a balance between maritime power and terrestrial equilibria in the Heartland, is the right place to think – for the first time – about a complete water geopolitics, as well as a real global industrial project.
The products that will be the axes of the new future technological revolution will increasingly come from the sea: energy, fast transport; rare metals, but also the most common ones; desalinated and processed water; DNA for study purposes and for medical applications, as well as oil and finally various traditional and non-traditional forms of food.
If, from now on, we create a global market for the Blue Economy, we will have safe and peaceful world development. Otherwise, if we repeat the old land struggles on the new sea – possibly with the same violent acquisition logic – we will have such new wars that the experience of land clashes cannot even make us imagine.
The Earth is finite and limited. Now we have to work on the sea, but we have to do so all together peacefully and with win-win actions.
It is estimated that the most environmental-friendly marine industry is currently worth 1.5 trillion US dollars and it is expected to be worth at least twice as much by the end of 2030.
Nowadays China dominates in all these blue economy areas. China’s fishing in foreign waters accounts for 44% of the world’s entire product and the same applies to ocean fishing, which accounts for 52% globally. This also holds true for China’s marine wind energy which accounts for 20% in the world. Also 50% of all the most active ports in the world are Chinese. Unfortunately, China also holds negative records such as 56% of all rivers polluted by plastics in the world.
Half of the world’s industrial fishing is Chinese. Hence, nowadays, China is already the world’s largest sea farmer. It has already organised the exploitation of its largest marine area for deep-sea mining, thus focusing on a deep-sea area that is four times the size of Switzerland.
Either you do good business with China in these areas or it is better staying at home.
Therefore, it is necessary to think about a sea “Silk Road” and not only to reach the Mediterranean.
A Silk Road to quickly change the whole paradigm of the world economy.
Hence, at the same time, it will also be necessary to reduce polluting emissions and possibly start the construction of many ocean parks, with a view to making the sea recover the products that are extracted from it.
Fixed cycle of nature, stability of economic cycles.
Among the companies in the various sectors of the Chinese Blue Economy, the collaboration with selected companies will be particularly useful both for the actual production of marine materials and for environmental protection. It should be recalled that the latter is a side of the Blue Economy coin. China does not think that environmental protection can be separated from the extraction of marine products.
In Europe, the Blue Economy system is still in the development phase. Hence the figures are still quite small: in 2017, the turnover of the whole sector was 658 billion euros, with a gross profit equal to 74.3 billion euros and a number of employees amounting to 4 million throughout the EU-28.
Within the European framework, the Blue Economy envisages the usual sectors of the Chinese one, albeit with a specific focus on underwater defence, which in China is calculated separately, in addition to putting all marine biotechnologies into a single category. The EU also envisages sea renewable energies as the greatest sector for future development.
The traditional European demography is another factor to be considered: 45% (214 million) of the EU population lives on the coasts and the Northern ones always record a higher GDP than the Southern coasts.
The successful European activities in the Blue Economy are still the traditional ones: tourism, spa and health services and some standard biotechnologies.
Obviously there are also maritime construction and repairs, but in specific areas of the European coasts – activities that now tend to be off the market.
Hence an EU Blue Economy linked to labour-intensive technologies, with insurmountable natural differences in the maximum use levels of the various areas.
Never as in the case of the Blue Economy do large expanses and boundless areas count – all the dimensions that, as Hegel said, have always been lacking in the physical and geographical dimension of the Eurasian peninsula.
The Jews called the Mediterranean “the Great Sea”, but this expression does not describe its physical dimensions, but only its historical and cultural ones.
Furthermore, coastal tourism in the EU is worth 54% of all “Blue” jobs and it is still growing, while the transport-related marine economy sectors are decreasing and the remaining maritime sectors are growing very slowly or are stable.
The problem lies in the fact that the Blue Economy is a global project for transforming the production systems and lifestyles. It is not just a matter of hotels by the sea or deep-sea fishing.
For the EU – which is not a Blue competitor of China, but an area of possible integration of tasks and functions – the living resources of the sea still account for a mere 14% of all “Blue” jobs in the EU. It is, indeed, a very low percentage.
The extraction of metals from the seabed is scarce in the EU. It accounts for 4% of employment in the whole Blue sector.
Clearly this also includes oil and gas. And both sectors are declining in terms of profit and investment.
There are 600 active offshore platforms in the EU.
Shipyards account for 8% of employment in the sector, while the maritime product from seaweed processing is very low, with China already accounting for 46% of the world market and with only 6 EU projects currently active for aquatic biomass.
There are only 11 major desalination plants in the EU, mostly owned by large multi-sector companies.
Moreover, we should never neglect the coastal control of climate change, which can become a big global industry.
However, since the time of the report by the Club of Rome that, in 2009, invented the very concept of Blue Economy, his author, Pauli, has always stressed that the Blue Economy is part of the Green Economy – which is always a sustainable practice – and that it is based on new technologies.
And here we revert immediately to China.
China has always been particularly interested in the Blue economy and in technological innovations, with the construction of marine areas of economic innovation. Just think about the Blue Economy Zone of the Shandong Peninsula, established in 2011, where, four years later, an integrated marine economic system began, which in 2020 is expected to become a great mechanism of ecological Blue economy with a high rate of innovative technology.
In 2012, it was the turn of the Quingdao Blue Silicon Valley, a city for the new maritime scientific technologies.
Later China established other industrial areas for the protection of biodiversity and for new marine technologies, mainly in the Yangze River Delta.
Since China’s 13th Five-Year Plan, the Blue Economy has been an ever-growing part of China’s GDP.
Hence, from the Deep-Sea Dragon, a system for producing experimental deep-sea and surface platforms.
There are also the White Dragon’s explorations in the Arctic, albeit with a future research base in the Antarctica, and the Global Multidimensional Network for Ocean Observation, i.e. the network of stations that can be connected to all the scientific, climate, technological and energy observation stations that already operate in other parts of the two thirds of the Planet, namely those covered with water.
We should also recall the collection and processing of minerals extracted from the seabed.
In this case, the international regulations are already very detailed, but it is currently very hard to predict the aggregate effects, which are mutually reinforcing and with unpredictable percentages.
Nor should we neglect the Great Lakes Observing System (GLOS), which is one of the 11 associations in the world that scientifically study the Integrated Ocean Observing System (IOOS).
It initially regards the Great Lakes region between the USA and Canada, but it is also much studied in China.
And the network of Chinese marine sensors will certainly be connected to the large areas of global verification and study.
Hence the problem will increasingly be to control both internal and external waters at the same time.
With specific reference to the Chinese political practice, the 2018 great reform of the State Council, which placed sustainable development at the core of China’s planning, was decisive.
Since then, there has been a Minister for Natural Resources responsible for all land and sea natural areas, as well as for the economic use of land and for the protection and rehabilitation of the most endangered areas or of the already polluted ones.
While in almost all Western countries these powers and responsibilities are divided between various Ministries and Administrations, in China the already efficient chain of command is in the hands of a single political body and of a single Minister. The maximum efficiency for a chain of command.
Moreover, China is currently going through a particular phase: from the fast and traditional development to an even faster one, albeit characterized by high environmental, social, ecological and technological quality.
A new “development way”, which does not imitate Western traditions, but places science and technology into a new vertical and fast political system.
In the Taoist philosophical tradition, to which Mao Zedong essentially belonged, quality and quantity are not always separated in reality and can be analysed, but only through multiple analogies.
Said analogies never stop and cannot be logically separated.
Still today, this is the basis of the political and economic action of the Chinese Party and State.
Not an ordinary imitation of capitalism, but new and free efficiency of a technical-scientific network that is directed with market criteria of mutual interest, completely open to controls.
Hence development based on technology but, above all, on the protection of the environment and therefore of human and animal life, as well as of the life of the elements – and all at the same time.
Once again, the Taoist tradition.
Obviously the protection from pollution is central to the Chinese Blue Economy project. Just think about the project for the ecologization of the Bohai Sea, started in November 2018 – a three-year plan that will lead to the stable cleaning of 73% of all the Bohai Sea coasts.
Rapidity, efficiency and no operational difference between environmental recovery activities and actions to make income from the sea.
In essence, China’s Blue System is divided into two sectors, albeit always interconnected: development of innovative scientific and technological products related to the sea economy, and later, during and after the process, the integrated protection of the environment.
Again to compare China with the European Blue Economy policies, it should be recalled that the EU seas host about 48,000 different species, while the Chinese seas cover an area of approximately 6 million square kilometres, ranging from tropical to temperate climate and up to the Great Cold climate areas.
There are as many as 32,000 kilometres of Chinese coastline, with 22,629 species belonging to 46 phyla.
Data not comparable with those of the Mediterranean, but certainly able to permit, from the very beginning, large economies of scale.
In the EU the per capita yearly consumption of fish is 24 kilos, compared to 41 kilos in China.
It should be reiterated that China has already reached the highest levels of ocean fishing, both in terms of volumes and technologies, outside and inside its territorial waters. Moreover, technologies and economic returns can be useful to everyone.
Worldwide, the actions known as Our Ocean, started by Secretary of State Kerry in 2014, have led in the West only to 36 marine actions to the tune of 550 million euros, and to other commitments, albeit not yet funded, resulting from the 2018 Bali Conference.
Only 64 million euros were allocated for the Mediterranean, and 37.5 million for the South African and Indian Ocean coasts.
Obviously this is positive, but it should be recalled that Chinese investment is already much higher and not only due to the very large size of China’s Blue Area.
Last year the Chinese ocean GDP grew by 6.7%, thus reaching 9.3% of China’s total GDP. In 2018, 17.2 billion yuan were invested in the production of offshore renewable energy.
Excellent data, but this is just the beginning.
An additional 5.5% has been recorded for Chinese maritime transport, while the average yield of traditional fishing is slightly declining. Maritime tourism has already grown by 8.3% in China.
An excellent rate, not even comparable with the rate in the EU, where tourism is one of the fastest growing sector in the Euro-Mediterranean Blue Economy.
Furthermore, while – without any particular use of advanced technology -the Blue Economy in the EU is still largely a possibility, in China it is already a well-established reality.
As the philosopher and sinologist Jullien would say, possibility and reality are the same image, albeit seen in two different ways, but not necessarily at two different moments.
Currently tourism accounts for 61% of jobs in the EU Blue Economy. As we can see, it is an old business with a low average return.
The EU aquaculture is still a small sector compared to China’s huge size and technology, even in proportion to the population, but all the sustainable ocean exploitation programmes in Europe are postponed to an indefinite future and are at risk of funding.
Renewable marine energies will reach 10% of European consumption in 2050-a percentage which already pales into insignificance compared to the Chinese ones.
Apart from bureaucratic and administrative efficiency, with the Chinese Blue Economy we are already on another planet. The Chinese scientists are already thinking about a Blue Economy divided into three major areas: the resolution of water scarcity;the search for deep waters and the cleaning of surface waters.
They are also thinking about technological innovation, which is scarcely pursued in the EU. China has already developed 100 projects, for 10 years, with 100 million new jobs. All these projects have already begun.
Finally, in China there will be an integrated marine economy between research and the balanced exploitation of resources.
In particular, the development sectors that China currently likes are deep-sea aquaculture with the use of cages; ocean satellite communication, which is optimal; marine biomedicine; desalination with advanced technologies; the search for minerals in the seabed; offshore oil exploration; research into marine antiseptic and medical materials; the production of renewable energies at sea.
It is in these areas that China’s greatest ten-year effort will develop.
The management of the Chinese sea is based on a simple concept: the ecological absorption capacity of the seas.
Protection is based on the criterion of sustainable development, not on the circular economy with a zero return rate. Everything is designed to reduce environmental waste.
Moreover, sustainable development between land and sea -which is another specific issue for China – will be the development and not just the preservation and conservation of coasts.
The primary concept for doing all these things together is Harmony, a Confucian criterion that relates Man to his Environment.
Hence coordinated development between economy and society.
This is the same deep criterion of the “Silk Road”: a harmonious, global and strategic project that works only with market rules and is connected to a win-win logic, which ensures benefits to everybody.
According to the latest data available, in China the companies related to the Blue Economy have grown at a pace ranging from 14% to 4%.
For the time being, the regions directly concerned are the following: Zhejang, which is responsible for implementing the “Maritime Strategy of the East Sea” and focuses on ports and island economies.
Then there are Guangdong, which hosts the companies operating in the integrated management of the maritime economy; Fujian, where cooperation through the straits is pursued; Shandong, which develops the “Blue Economy Zone of the Peninsula” to create a primary gateway to North East Asia, and finally Tianjin, where high-level maritime technology is put into practice.
As early as 2001, 14.46 million people have already been employed in the Chinese Blue Economy, with a one million increase every year.
The cooperation with Western companies is already in place both at financial level, so as to share cutting-edge technologies, and for the participatory development of regions and companies.
Furthermore, the Chinese Smart Ocean programme also envisages a network of sensors on the coasts, at sea, in flight and in the space.
All this is designed to build a complete real-time monitoring system of all China’s seas and rivers – a network that should connect to the equivalent systems in other parts of the globe.
A turtle strategy that, according to Chinese tradition, epitomizes the North and the Waters, but is also invulnerable, due to its powerful shell.
Armenia’s inability to solve pandemic-related economic problems
According to data from the Armenian government, in 2019 the country’s economy grew by about 7.6%,which was the highest figure since 2008. Further data from the Statistical Committee of Armenia show that the trade and service sectors were the main drivers of economic development. In the same period, 9% growth in industrial output and a 4% reduction in agricultural output were also recorded. Inspired by these growth numbers, during a cabinet meeting in January, Prime Minister Nikol Pashinyan said that he was confident that, as a result of the joint efforts of government members, even higher figures will be registered in 2020. However, as a result of subsequent pandemic-related events, his confidence disappeared and difficulties in solving economic problems have proven the inability of the Armenian government to act independently.
Since the declaration of an emergency situation on March 16, economic activity has significantly slowed, thus leading to the creation of various economic problems and a financial deficit. Even though some restrictions were softened in May, that did not lead to a noticeable increase in economic activity. As a result, the economic forecasts for Armenia in 2020 worsened. According to the European Bank for Reconstruction and Development, the economy of Armenia will contract by about3.5% in 2020 as a result of global uncertainty and falling demand. However, the Armenian government is more optimistic in its prediction of a decline in GDP of 2%.
One of the main problems created by the pandemic-related economic restrictions is the impossibility of implementation of government-approved budget projects for 2020. As the forecast for Armenia’s GDP worsens, it will lead to lower tax revenues than initially planned for. According to the Finance Minister, Atom Janjughazyan, with the forecast 2% decline of GDP at the end of the year, tax revenues will decrease by about 10% compared with the planned volume. If the economy diminishes by more than 2%,that will lead to an even greater reduction in tax revenues. Janjughazyan also noted that the government plans to keep budget spending unchanged in order to mitigate the negative consequences and create the preconditions for a quick recovery. Although this decision could help to prevent social discontent and avert some economic problems, it could have long-lasting economic consequences by significantly increasing the budget deficit. With a reduction in taxes generated of about 10%, the budget deficit will double, reaching 5% of the projected GDP or $676.4 million (1 Armenian Dram=0.0021 USD). To run the budgeted projects with such a high level of deficit, the government will have to amend the budget legislation in order to exceed existing restrictions.
Another financial problem for Armenia is related to the implementation of support programs. As the emergency situation has substantially impacted economic development, the government has had to implement support programs. Even though these programs have been important in supporting the economy, they have also created financial problems as the government does not have enough resources to implement them independently. To support the economy, the government approved a support package of $315 million. Of these funds, $168 million will be used for long-term economic development programs;$52.5 million for the elimination of economic problems, social tension and liquidity issues; and $42 million for the redistribution of reserve funds. So far, the Armenian government has approved 20 crisis measures for the implementation of support programs.
Financing the high budget deficit and extensive support programs creates financial problems as Armenia does not have sufficient financial resources. Therefore, Armenia must attract funds from other countries or international financial institutions. Based on the calculations of the Armenian government for financing the combined support programs and budget deficit,it needs to raise an additional$546 million. Armenia already has a large volume of external debt (40% of GDP in 2019) and raising additional funds will significantly increase that debt. Taking on an additional $546 million of debt will increase the government’s external debt by about 10%. Taking into account that, during 2019, the total public debt of Armenia increased by about 14.8%, the increase of external debt by about 10% from only one source shows how seriously it will affect the financial security of the country.
Armenia also is facing economic problems in the energy sector. On April 1,GazpromArmenia, the Russian-owned natural gas distributing company, declared that it was going to ask the Public Services Regulatory Commission (PSRC) for changes to gas prices in Armenia. It proposed to set the same price for all customers beginning from July 1. This change would eliminate the discount for low-income families, thus leading to a 35% increase in price for them but a2.2% decrease for consumers that use up to 10,000 cubic meters of gas per month. The Armenian government was dissatisfied with the offered gas rates as it was already dealing with pandemic-related economic problems and it requested that Russia decrease the price of gas that they sell to Armenia.
As the talks with Russia did not lead to desired results, the PSRC accepted the changes but kept the price for domestic users and low-income families unchanged. The PSRC wants the average weighted price of 1,000 cubic meter of gas be set at $266.7 USD,$16.43 below the price that Gazprom Armenia had proposed. The price of natural gas will increase from $212 to $224 per thousand cubic meters for agricultural companies, and from $242 to $255.92for consumers who use more than 10,000 cubic meters of gas per month. The new prices will enter into force on July 19, except for thermal power plants. Despite the fact that PSRC was able to prevent price changes for ordinary citizens, the new rates will create unemployment problems. In order to operate with accepted price changes Gazprom Armenia has to lay off about 1500 employees and reduce its annual revenues about 6%.
The inability of the Armenian government to solve its economic problems with its own financial resources or to diversify its energy imports will lead to significant economic problems. Many countries around the world are facing economic and financial problems and are therefore looking to obtain foreign assistance, and this reduces opportunities to access foreign finance by intensifying competition. Therefore, it is not currently easy for Armenia to attract financial resources. The dependence of the energy sector on the price policies of other countries also creates economic instability. Even though the PSRC was able to avoid natural gas price rises for ordinary citizens, it cannot prevent unemployment issues and price rises for businesses. Therefore, countries that are dependent on foreign financial assistance and are unable to implement independent economic and energy policies during the pandemic and in the post-pandemic period will face serious economic issues. Taking into account that social and economic problems were among the main drivers of the change of government in Armenia in 2018,the pandemic-related economic problems will also have political consequences.
Coronavirus Impact On The World Of Work Traverses National Borders
With the coronavirus lockdown, one aspect of our lives has been revolutionized … the world of work. Computers have facilitated the transition and the coronavirus forced a real-life test. For jobs where it is possible, we are working from home and many of us like it that way.
There are countries that have been doing it long before the coronavirus — at least in numbers far in excess of other industrialized countries. In the Netherlands 14.1 percent of workers say they usually work away from the office compared to 4.7 percent in the UK and only 3.6 percent in the US. Only Finland is comparable.
Finland also allows flexible hours. Indeed such flexibility has a basis in law ever since the 1996 Work Hours Act giving most workers the right to adjust workplace time. Thus 92 percent of companies allow flexible hours there (a notable example being an employee who works remotely from Malaga, Spain!) compared to about three-quarters in the US and UK, a half in Russia and only 18 percent in Japan. Employees can start or finish their workday up to three hours earlier or later. A new Working Hours Act came into effect on Jan. 1, 2020 through prior legislation, fortuitously given Covid-19. This now permits workers to schedule up to half their working hours away from the workplace.
Both Finland and the Netherlands also benefit from a culture of trust and equality; also practicality, a quality that small countries nurture to compete with the giants beside them. Think Russia in one case and Germany for the other.
Flextime has other benefits. Studies report higher output and efficiency. When workers are allowed to pick their hours, they drift towards when they want to work. In Finland, they still have to average 40 hours per week over each four-month period. Nevertheless, working at a time most suitable for their individual circumstances implies they are working at their best, which also translates to most productive.
HSBC, the large UK bank, looked at what is driving UK productivity growth in a 2018 study. Eighty-nine percent of respondents cited the importance of flexible working hours and work-life balance rating them higher than financial incentives. One-in-five also cited poor work-life balance as the main reason for leaving a prior job, ranking it higher than limited opportunities or salary increases.
Meanwhile in the Netherlands, where 98 percent of homes have high-speed internet access, there is also a culture of trust, plus a combination of technology, attitude and expectation to make remote working a success. King Willem-Alexander issued a photo of himself working from home to encourage others to do the same during the pandemic.
But then, the Netherlands is different. ING, an Amsterdam-based bank, is now trying out a policy of unlimited vacation time for pilot groups of workers. They can take as much time off as they want provided their work and set tasks do not suffer.
There must be something in all this for Dutch men averaging 163 cm (6 feet) are the tallest people on earth. At 179.6 cm, the Finns are not far behind.
Perhaps employers over here in the US will be enlightened by the statistics. If there is a silver lining in this dark coronavirus cloud then, it could be in the world of work.
Covid-19 and its impact on Belt and road initiative and CPEC
Nowadays, Covid-19 is increasing rapidly in Pakistan. As of June 30 the amount of confirmed cases had risen to 208359 along with 4254 deaths. Tremendously a very bad situation of Pakistan economy as well as global economy due to this pandemic era. Coronavirus effects many business and major Flagship project in Pakistan like CPEC development due to shortage of local labour. The China-Pakistan Economic (CPEC) is a part of ambitious Belt and Road Initiative (BRI) which runs through South-East Asia, South Asia, Central Asia, Russia and Europe by land as well as 21st century Maritime Silk Road, a sea route flanked by China’s coastal regions with South-East and South Asia, the South Pacific, the Middle East and Eastern Africa, all the way to Europe.
The China-Pakistan Economic Corridor badly effect and now most of the people concerned about CPEC development and its impact of covid-19 on development projects. Specifically the CPEC development were also stopped because of the absence of local labour who were forced to stay at home due to lockdown and to avoid further spread of Covid-19. In addition, the government of Pakistan and china also announced the travel restrictions which delayed the availability of workforce. All business areas and business centers in the port of Gwadar are completely closed, and the impact of all these problems on CPEC and its branches. But there is encouraging news that the port of Gwadar is still operating under strict policies.
Covid-19 has already had a significant impact on the global economy, influencing production, supply chains and the movement of people and goods. Since the outbreak and increasing the cases of corona virus, many people concerned about the impact of covid-19 on CPEC development projects. Most of the people says it has no impact but some people says it has huge impact on development of CPEC. As per my opinion it has a huge Impact on CPEC development. According to the challenging situation Chinese government decided to work again on BRI projects. Chinese government believe that once the pandemic crisis is over BRI projects will lead the world economy recovery and sustainable development.
As our honorable PM Imran Khan said multiple time that corona virus is not going anywhere, we have to live with this epidemic situation following SOP otherwise survival in Pakistan is much difficult as compared to developing and developed countries. If all Factories, industries, and development teams closed for certain time, Pakistan economy will goes down for sure and people will die due to hunger and unemployment. Consequently, the Pakistan Government is in full consultation with the government of China as well as Chinese companies working on the CPEC projects. In this regard, Pakistan government is taking preventive measures and providing full protection to Chinese workforce on CPEC. In addition, the Chinese workers who are returning to Pakistan have to endure double quarantine system for their safety as well as the safety of other workers too.
Contemporaneous, we must be aware of the fact that there is a force in the world that does not want to see CPEC’s success, so they indiscriminately amplify the impact of the pandemic on CPEC development. The Chinese and Pakistan government both nations agreed to continue this project and overcome difficulties caused by Covid-19 and support CPEC construction. Both governments have upheld close communication and coordination on particular issues of CPEC projects. Chinese companies have implemented closed management, and all CPEC projects have maintain prevention and control plans and implemented them very strictly, therefore effectively preventing the invasion of the novel coronavirus. As far as I know, there is no Covid-19 spread at the construction or development sites.
In addition, the Chinese companies contributing in the construction of CPEC projects are also actively making assistances to the prevention and control of the pandemic in several locations in Pakistan, donating material to local government’s offices, schools, and hospitals. When the world suffering from corona virus, china was there for supplying material and help to various nations in the form of medical equipment, protection accessories and medical supplies. It’s a bit challenging circumstances in China in pandemic situation but china prove his kindness in front of other nations that increased the trust of countries in China.
It is still unclear situation when local and global economic activities become stable, which also creates uncertainty about the feasibility of these projects. In the same way, other cross-border corridors and the Silk Road Belt and Road Initiative (BRI) are also facing delays and cancellations. Despite difficult circumstances, the Chinese are promoting BRI, gradually resuming development work and building the health Silk Road. Beijing China is much confident that BRI will lead the global economic recovery after resolving the crisis.
The most common broader issue nowadays is whether the planned BRI projects can be delay in the current economic environment. For instance, it was recently stated that nearly seven to eight years after the creation of CPEC, less than one-third of the development projects had been completed. Since sustainability of financing for BRI projects is already a challenge, and Chinese capital projected to be organized to meet the basic and domestic needs, the pandemic and the resulting slowdown in economic growth will be even more delayed and could even be a death sentence for Some Belt and road Initiative projects as well as CPEC.
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