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Chinese experts praise growing trend of Pakistan's economy


4/16/2017

ISLAMABAD -  Chinese experts have highly appreciated upward trend of Pakistan economy, attributing the same to the multi-billion dollar China-Pakistan Economic Corridor (CPEC), a flagship project of the Belt and Road initiative.

 
According to a Chinese media, the CPEC is a best example for all the countries along the Silk Road, meeting their socio-economic targets through regional collaborative partnership. One Road (B&R) initiative has begun to bring tangible benefits to Pakistan's economy, which is likely to have a positive demonstration effect for persuading other countries in the region, India included, to consider adopting a more open attitude about the B&R initiative.
 
Chinese State-run newspaper Global Times, quoting an IMF, stated that economic growth in Pakistan is expected to reach 5 percent in the fiscal year 2016-17, partly helped by rising investment related to the CPEC. Pakistan's economy still lags behind India's, but some economic indicators show signs of a narrowing in the development gap between the two South Asian countries.
 
For example, CMPak, a China Mobile subsidiary in Pakistan, has established 6,951 3G base stations and 5,223 4G base stations in the country as of the end of 2016, according to science news site stdaily.com. China-Pakistan cooperation is creating a boom in the telecom industry as the two countries work together to push forward the CPEC.
 
Pakistan is currently seeing growth in various sectors like cement, steel, pharmaceutical, automobile and electronics. The steady development of the CPEC has been a helping hand for the country to stabilise its domestic political situation and improve the lives of ordinary people, making the nation more attractive to foreign investment.
 
The UK and other countries have expressed an interest in increasing investment and being a partner of the CPEC. With efforts in stepping up industrialisation along the CPEC, Pakistan is doing what India and other emerging economies frequently talk about, integrating itself into the global industrial chain.
 
The Pakistani economy is projected to be on a steady uphill path due to projects like the CPEC, which is an example of the benefits that the B&R initiative can bring to countries along the routes. However, Pakistan's rapidly growing economy is also likely to produce new challenges to the CPEC and other investments.
 
For instance, it will be a tough test for China and Pakistan to think about how to reach an equitable distribution of the economic pie to various regions and tribes around Pakistan. The South Asia country may need to propel economic reforms to ensure more local people benefit from the project.
 
Source: The Nation