ISLAMABAD: “China’s economy is staging a steady recovery, with marked improvement in consumer demand, market distribution, industrial production and business expectations, and this momentum can help partner countries like Pakistan to explore new avenues of cooperation for further growth, especially in the manufacturing sector,” highlighted Dr. Hassan Duad Butt, associate professor and former project director of CPEC.
Dr. Hassan stated that China’s rapid economic recovery after a decisive victory against Covid-19 is of immense importance for the world in general.
Therefore, China’s emphasis on economic stability, high-quality growth and sustainable development is a ray of hope for many countries, including Pakistan and other BRI countries, in this time of geopolitical uncertainty.
In 2022, while overcoming major difficulties and challenges, the Chinese economy maintained stable performance on the whole, with GDP reaching more than RMB 121 trillion (USD 18 trillion) and achieving 3% growth, a sign of strong resilience.
Dr. Hassan maintained that, “while the set GDP growth target of 5% in 2023 is the lowest in dozens of years, it still means sufficient economic activity to mitigate some of the economic risks and challenges.”
The GDP growth target, along with other economic development goals set by the Chinese government, promises sufficient economic activity and stability through the continuity of policies.
Hassan quoted the words of Chinese Premier Li Keqiang that “should be carried out in a more coordinated way to create synergy for high-quality development,” which is an indication of the government’s confidence in the strong growth momentum by remaining the factory of the world setting higher economic indicators compared with last year.
The Chinese government has set a higher target for employment, aiming for 12 million new urban jobs in 2023, which is also significant. Hassan underlined that the Chinese government’s confidence would soon be reflected in other markets of China’s trading partners, and could act as a stimulus to global economic recovery.