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9th August 2016 Current Affairs Questions and Answers

9th August 2016 Current Affairs MCQs, Quiz, Questions : Current Affairs for August 2016 ,  Daily Multiple Choice Questions (MCQs) for In...

China Pakistan Economic Corridor

China- Pakistan economic corridor (CPEC): Pakistan and China kicked off their ambitious 46 billion US Dollar China- Pakistan economic corridor (CPEC) project. The two countries have signed a deal to acquire the usage rights to more than 2,000 acres of land for a Chinese company, Chinese official media reported on 13th November 2015. 
China- Pakistan economic corridor (CPEC):
  • China–Pakistan Economic Corridor (CPEC) is an ongoing development megaproject which aims to connect Gwadar Port in southwestern Pakistan to China’s northwestern autonomous region of Xinjiang, via a network of highways, railways and pipelines to transport oil and gas.
  • The economic corridor is considered central to China–Pakistan relations and will run about 3,000 km from Gwadar to Kashgar. Overall construction costs are estimated at over $46 billion, with the entire project expected to be completed in several years.
  • The project was first proposed by Ex President Asif Ali Zardari, Chinese Premier Li Keqiang and Nawaz Sharif on 22 May 2013 in Islamabad. The Pak-China Economic Corridor Secretariat was inaugurated in Islamabad on 27 August 2013.
  • The Corridor is an extension of China’s proposed 21st century Silk Road initiative.
  • According to a Firstpost report, "this is the biggest overseas investment by China announced yet and the corridor is expected to be operational within three years and will be a strategic gamechanger in the region, which would go a long way in making Pakistan a richer and stronger entity than ever before.
  •  According to Reuters, under the CPEC agreement, $15.5 billion worth of coal, wind, solar and hydro energy projects will add 10,400 megawatts of energy to the national grid of Pakistan.