The China-Pakistan Economic Corridor (CPEC), once marketed as a transformative $46 billion geopolitical and economic flagship, is increasingly being described as a costly failure — for Pakistan and China alike, according to an analysis published in Zimbabwe's NewsDay portal. A decade into implementation, the mega-project is showing hallmarks of the broader underperformance pattern seen across China's Belt and Road Initiative (BRI).

A Crushing Financial Burden on Pakistan

Critics within Pakistan have grown louder. Shabbar Zaidi, former Chairman of Pakistan's Federal Board of Revenue (FBR), is cited as one of the most prominent early sceptics. 'I was the first person in Pakistan to oppose CPEC. I said 25 years ago that it is a drama and nothing will come out of it. You fooled people. It led to disaster,' Zaidi reportedly said. His remarks have drawn significant agreement across social media platforms in Pakistan.

The financial strain is now quantifiable. Liabilities arising from CPEC-linked power projects alone reportedly exceeded PKR 543 billion as of March 2026, yet the corridor has demonstrably failed to resolve Pakistan's chronic electricity crisis. Pakistani officials have been seen repeatedly approaching Chinese counterparts to renegotiate repayment arrangements — with little recorded success. Pakistan's Power Minister Sardar Awais Khan Leghari was forced to concede that a 'sufficient outcome has not come out yet.'

China's Concerns: Security Failures and Poor Returns

Beijing, for its part, is reportedly frustrated by persistent security failures and the poor financial returns on its heavy capital outlay. The exact present-day value of the original CPEC plan remains unknown, according to the analysis, owing to strict confidentiality clauses embedded in project agreements — a hallmark of China's BRI contracting model that has drawn criticism globally.

The opacity makes independent assessment nearly impossible, leaving Pakistani stakeholders with limited recourse even as debt obligations mount. This secrecy, critics argue, has also insulated poor project decisions from public accountability.

Gwadar Port: Jewel Turned White Elephant

Gwadar Port, positioned as the crown jewel of CPEC and a strategic gateway to the Arabian Sea, is described in the analysis as being in the doldrums. The port reportedly lacks basic civic infrastructure — a fundamental prerequisite for attracting commerce or sustaining a viable economic ecosystem. CPEC projects more broadly are said to have failed to deliver competitive manufacturing, high-value exports, meaningful foreign-exchange earnings, or integration into global supply chains.

Major transportation projects face compounding difficulties: bureaucratic delays, provincial disagreements, policy paralysis, financial mismanagement, and recurring public protests have collectively stalled execution, the analysis notes.

A Pattern Mirrored Across BRI

The CPEC trajectory, analysts note, is not an isolated case. Across the BRI portfolio — from Sri Lanka's Hambantota Port to Zambia's infrastructure debt — similar patterns of overpriced, underperforming projects have surfaced. Critics argue that BRI projects are often structured around China's export of excess industrial capacity rather than recipient-country development needs, resulting in assets that generate debt without generating growth.

Voices against China for Pakistan's deteriorating financial situation are reportedly growing louder domestically, with CPEC increasingly blamed for commissioning expensive projects that were, in critics' assessment, never genuinely needed. As both sides grapple with unmet expectations, the future of CPEC's remaining pipeline remains uncertain.