Pakistan being an important strategic ally of China will be a beneficiary of the decisions to be made by the going annual sessions of the National People’s Congress (NPC) and the National Committee of the Chinese People’s Political Consultative Conference (CPPCC), says a report published by Gwadar Pro on Sunday.
Both the countries are also celebrating 70 Years of their diplomatic relations and in a recently hosted ceremony simultaneously in Beijing and Islamabad wherein official logo of the celebrations has been inaugurated between the two states kick starting the festivities of togetherness.
The recent announcement by President Xi Jinping about victory against the poverty is an important milestone achieved before the opening of the two sessions. Poverty alleviation has remained at the top agenda of the government of China to help ensure people’s wellbeing and development.
According to the report, as China’s economy is growing and steadily rising, this bodes well for Pakistan. This steady growth and poverty alleviation announcement made recently by China will create a strong impact on Pakistan’s economic progress. This is because of increasing engagement of Pakistan’s economy with China, not only through CPEC projects and infrastructure development, but the ongoing exports, imports, technological advancement will help Pakistan have an overall comprehensive economic development.
China, a country of 1.4 billion people is offering huge lucrative opportunities for countries like Pakistan to expand the trade base and avail the opportunities offered by China especially in terms of business and development options. As a result of the China-Pakistan Free Trade Agreement has its Phase II established, there is a growing chance for Pakistani businesses to promote the export in a Zero tariff lucrative business environment.
As Chinese domestic market is widening with an increase in purchasing power as a result of the zero poverty, this gives another important opportunity for Pakistan to recover from its economic challenges to avail this “dual circulation” economic strategy by China to solve the problem of trade imbalance.
As a result of the decision made in the two sessions, it is expected that there will be continuation of the similar level of the cooperation between China and Pakistan for collaboration in the ongoing projects under CPEC. The Chinese next five-year plan to be discussed in the two session can be dubbed as plans of opportunities for Pakistan.
As China’s economy is growing and steadily rising, this bodes well for Pakistan. This steady growth and poverty alleviation announcement made recently by China will create a strong impact on Pakistan’s economic progress. This is because of increasing engagement of Pakistan’s economy with China, not only through CPEC projects and infrastructure development, but the ongoing exports, imports, technological advancement will help Pakistan have an overall comprehensive economic development.
