Pakistan’s exports to China grew by over 14%, reaching a total of $3.6 billion, partly attributed to enhanced connectivity through CPEC.
China’s economic growth in the past decades is of speed, consistency and inclusive of wide impact, that also left positive impact on Pakistan’s economy, this was stated in a newly published report titled “CHINA’s 75-Year JOURNEY Breaking Myths & Inspiring Hope” by KTrade Securities Limited, China Economic Net reported.
According to the Report, Pakistan Economic Corridor (CPEC), a key project launched in 2013 under the Belt and Road Initiative (BRI), is rated by the report as capitalizing on Pakistan’s geographical significance and improve the socio-economic conditions of Pakistan.
The Large Scale Manufacturing (LSM) index in Pakistan grew by 43% in the past decade while indicating an exponential growth after commencement of energy projects under CPEC. SEZs of CPEC are expected to substantially increase the index by 2030.
The report added, “The reason is that China has broken a lot of the myths and shackles which many emerging countries especially believed in. For example, one concept in most emerging markets is that we can never grow and catch up with the developed countries.
That is why people from India, Pakistan, Africa, etc. always choose to migrate to developed countries. China showed that in a very short time period that your economy can grow and catch up and become a developed country.
The most important reason is that Chinese economic growth drove 800 million people out of poverty,” he added.
China’s economic rise. “Throughout history, the model of economic growth was always about resource extraction.
But, China’s growth was not driven by this sense like my victory has to be on your loss. It was all about domestic reforms, just driven by putting the existing resources which they already had into more efficient users.”
From telecom equipment, LED to solar cell and electric vehicle, “China Model is, we will make it cheap and high capacity at the best technology level, and we will give it to everybody who wants it. In fact, in certain cases, they even subsidized it for the rest of the world.