By Makhdoom Babar
Fourth annual session of the 12th National People’s Congress (NPC), china’s top legislature, and the fourth session of the 12th National Committee of the Chinese People’s Political Consultative Conference (CPPCC), China’s top political advisory body, were inaugurated on March 5 and March 3, respectively.
This year’s gatherings are being seen as a precious window for global observers to look into China’s future policies when the global community is struggling amid a weak recovery,
The so far proceedings of NPC session have produced the debate and ratification of China’s draft 13th Five-Year Plan, with discussions focused on China’s further economic restructuring as a key part.
China’s top leadership announced last month that China will step up supply-side structural reforms and green economy, and tap the potential of domestic demand. The world’s second largest economy is now shifting its dependence from investment and manufacturing to domestic demand and service industry.
Actually, China’s structural adjustment has already reaped early results. Official data showed that consumption has accounted for two thirds of China’s 2015 growth, turning into a major powerhouse for the Chinese economy.
Over the past many years, the Chinese government has committed itself to a cleaner and more transparent governance, with an eye on creating a favorable and predictable environment for foreign investment.
In its 2015 report, the Shanghai-based American Chamber of Commerce said that the problem of corruption has become a minor challenge for U.S. companies doing business in China, which has dropped for two straight years to 13th place in the organization’s annual ranking.
Openness has emerged as another key word during the Two Sessions as focus was shifted to China’s investment facilitation in years to come during the deliberations .
Chinese Commerce Ministry has been soliciting public opinion on a new foreign investment law that will ease restrictions on foreign investors and grant them easier access to the Chinese market.
Just last month, Beijing pledged to prioritize a higher-level of opening up engagement to the world as part of its diplomatic agenda in the next few years, which will also be a hot topic in the forthcoming Two Sessions.
Experts believe that the representatives will discuss the further implementation of such grand programs as the Belt and Road Initiative, so as to better share the fruit of China’s decades-long economic development with other countries, especially the developing ones.
The Belt and Road Initiative, with its name stemming from the world-known Silk Road that once connected Asia, Europe and Africa in ancient times, is aimed at enhancing connectivity among regions on
The Belt and Road, which covers up to two fifths of the world’s continental area, has so far received more than positive responses from over 60 countries, some of which have already linked their development strategies with the China-proposed cross-region plan.
Pakistan is an important member of The Belt and Road initiative and the China Pakistan Economic Corridor (CPEC) has emerged as a very vital component of Belt and Road initiative. This Islamic Republic that is a strategic partner and exemplary friend of China, along the ancient trade route, has long suffered from mega power shortage crisis.
However, the smooth implementation of the China-Pakistan Economic Corridor, over 25,000 megawatts of electricity capacity is set to be added to the energy-starved country with Pakistan having immense potential to be transformed into a thriving economy.