Newest peace moves at the behest of Pakistan at LOC had only two motives. First the Pakistanis got scarred of Indian power against the Chinese which forced them to retreat with huge loss of prestige. Second, the Pakistanis wished this peace initiative declared before the FATF meeting in Paris. For the second, India had just the opposite objective that is that if any peace initiative has to be declared then it is after the Paris meeting. That objective has been met handsomely. Regarding the first, the Indian military power shown to the Chinese has also scared the Pakistanis. Before that Pakistanis were going around the world telling the world that Hindu India is no match to aggressive Muslim in Pakistan. That was also laid to rest when India confronted head on Chinese with will of iron and wrist of steel..... Well India has an upper hand in both cases and India could dictate terms. It really happened, at LOC. Peace was initiated on Indian terms.
Other factors which played its role is new US President’s attitude. He has not said anything. He is too old to over work himself and make rapid intent declarations. Thru his advisor he is making it known that China is a menace and trying to split the world on old Cold War lines. This Chinese influence peddling is directly visible in Pakistan. In last ten years the Chinese have poured billions in Pakistan. It is unsuccessful. Pakistan wish to go back into American influence and dump China. The $60 billion road network loan is standing in the way. This US cannot do anything. Hence even if Pakistan wishes to get out of China influence, it cannot. Hence chicken or the egg situation.
Most other large economies in Indians Ocean regions have cancelled Chinese funded road projects. These are expensive and loans will make them dependent also interests @ 6% has to be paid, hence expensive. Other small countries are still Chinese dependent. Sooner or later they will be asking US to bail them out. That is the time to cut Chinese influence peddling. It will prevent escalated US - Chinese Cold War.
India is walking away from socialism more rapidly now than in last 20 years. Private sector is being encouraged. The last budget was a sample of that. Indian development, post pandemic is going to be 8-9%, which will be greater than Chinese. For the latter export market is a bit hesitant. Everybody blames Chinese for the virus and dislocation. Chinese resent it but their resentment is of no value. Businesses are thinking twice before placing orders in China. With India, Bangladesh, Vietnam emerging as new manufacturing sites, Chinese decline is nothing but evident.
Let us hope, Pakistanis behave at LOC and Biden limits spread of Chinese influence peddling in Indian Ocean Region. India can help.
Cheers......