{"id":5802,"date":"2024-07-23T05:35:04","date_gmt":"2024-07-23T05:35:04","guid":{"rendered":"https:\/\/gsrra.com\/?p=5802"},"modified":"2024-07-23T05:35:06","modified_gmt":"2024-07-23T05:35:06","slug":"what-pakistan-can-learn-from-china","status":"publish","type":"post","link":"https:\/\/gsrra.com\/?p=5802","title":{"rendered":"What Pakistan can learn from China"},"content":{"rendered":"\n

<\/a><\/p>\n\n\n\n

Deep, structural economic reform is an important and continuous process. In the face of economic headwinds and geopolitical challenges, China understands that well. Pakistan doesn\u2019t.<\/p>\n\n\n\n

It was not, therefore, surprising to see the recent Communist Party of China (CPC) conclave, or the third plenum, set out a blueprint for reforming the country\u2019s economy last week.<\/p>\n\n\n\n

The adoption of a reform resolution is being seen as the \u201cmost important outcome\u201d of this highly anticipated four-day meeting. There, Beijing announced a series of major measures: rebooting growth, tackling existing hurdles \u2014 from government debt to a housing slump to dwindling foreign investment \u2014 and building a high-standard socialist market economy by 2035.<\/p>\n\n\n\n

This implies that Beijing still sees decent economic growth as crucial in the next decade and aims to achieve socialist modernization to create a fairer and more dynamic market environment.<\/p>\n\n\n\n

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The country should focus on bringing about extensive structural reforms to navigate through its current economic and geopolitical challenges with innovation<\/p>\n<\/blockquote>\n\n\n\n

Among other things, the country will foster \u201cnew quality productive forces\u201d \u2014 the slogan for its economic strategy of science and technology innovation and industrial upgrading \u2014 to focus on areas critical to China\u2019s economy, namely technology and advanced manufacturing.<\/p>\n\n\n\n

Over the past four decades or so, the Third Plenary Sessions of China\u2019s ruling Communist Party \u2014 held roughly every five years \u2014 have played a critical role in China\u2019s economic miracle. They focus on mapping out the general direction of the country\u2019s long-term social and economic policies.<\/p>\n\n\n\n

Previous meetings jolted the economy by tackling structural issues, according to a\u00a0Reuters<\/a><\/em>\u00a0report. A similar conclave in 1978 paved the way for foreign businesses to operate in China; another in 1993 ushered in a liberalization of the Yuan and embraced a socialist market.<\/p>\n\n\n\n

The latest gathering will determine whether China will re-establish itself as \u201cinvestible\u201d in the eyes of capitalists and steer China towards \u201chigh-quality development\u201d, whilst simultaneously managing financial imbalances, the Reuters report adds.<\/p>\n\n\n\n

The reform tasks in the resolution, released after the conclusion of the plenum, cover a wide range of areas, from the economy and people\u2019s democracy to ecological conservation and national security. The resolution broaches 300 measures involving reforms at the level of systems, mechanisms, and institutions to advance Chinese modernization, creating a sweeping blueprint that will guide Beijing for years to come.<\/p>\n\n\n\n

The reform tasks are critical in shaping China\u2019s economic development and its position on the global stage, says a Global Times<\/a><\/em> report. \u201cThe goal of reform is to address long-standing problems and improve systems to remove hurdles for continued economic growth.\u201d<\/p>\n\n\n\n

Chinese state media quoted Tang Fangyu, deputy head of the CPC Central Committee Policy Research Office, as saying at a press conference that promoting Chinese modernization faces many complex issues and necessitates further reforms to better adapt the relations of production to the productive forces, the superstructure to the economic base, and national governance to social development.<\/p>\n\n\n\n

While China\u2019s economy has maintained stable growth in recent years despite a global downturn, it faces a growing set of risks and challenges; rising economic protectionism and geopolitical tensions. The reform measures are key in tackling these challenges and ensuring China\u2019s continuous high-quality development, experts advise.<\/p>\n\n\n\n

The third plenum not only reaffirmed China\u2019s commitment to reform and opening up but also drew a clear path for China\u2019s continuous high-quality development, which helps boost confidence both at home and abroad.<\/p>\n\n\n\n

\u201cChina will accelerate efforts to build a high standard market system, which is a major task for the country,\u201d said Han Wenxiu, executive deputy director of the Office of the Central Committee for Financial and Economic Affairs.<\/p>\n\n\n\n

\u201cThe country will improve the market system and rules for production factors such as labor, capital, land, knowledge, technology, management, and data. The systems underpinning the market economy will be refined, including optimizing the systems for property rights protection, information disclosure, market access, bankruptcy exit, and credit supervision,\u201d he continued.<\/p>\n\n\n\n

The tasks outlined in the meeting would be completed by 2029, the 80th anniversary of the founding of the People\u2019s Republic of China. The meeting also endorsed President Xi Jinping\u2019s repeated calls for \u201chigh-quality development\u201d, prioritizing technological investment and encouraging companies to upgrade their equipment and knowledge at a time when China faces tightening access restrictions to Western advanced technology, such as leading-edge computer chips and artificial intelligence.<\/p>\n\n\n\n

As foreign investors closely monitor the plenum\u2019s signals, the party said it would remain committed to the state policy of \u201copening to the outside world\u201d and promised to \u201cexpand cooperation with other countries\u201d, reassuring foreign businesses and investors. \u201cWe will steadily expand institutional opening up, deepen the foreign trade structural reform, and improve management systems for inward and outward investment,\u201d the communiqu\u00e9 said.<\/p>\n\n\n\n

For the world, China\u2019s deepening reform and opening up is expected to create greater opportunities amid a global economic downturn and rising economic protectionism. In promoting high-level expansion, China will unilaterally open its doors to the least-developed countries and, to the rest of the world, its goods, services, capital, and labor markets in an orderly way, Mr. Wenxiu said.<\/p>\n\n\n\n

Pakistan must learn from its Chinese friends and borrow their reform blueprint to navigate through its current economic and geopolitical challenges with innovation, opening itself up to the world for investment by streamlining the country\u2019s talent, reforming the state sector, improving economic governance and creating a conducive environment for the private sector to lead growth.<\/p>\n\n\n\n

Reference Link:- https:\/\/www.dawn.com\/news\/1847206<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Deep, structural economic reform is an important and continuous process. In the face of economic headwinds and geopolitical challenges, China understands that well. Pakistan doesn\u2019t. It was not, therefore, surprising to see the recent Communist Party of China (CPC) conclave, or the third plenum, set out a blueprint for reforming the country\u2019s economy last week. […]<\/p>\n","protected":false},"author":1,"featured_media":5299,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[2],"tags":[282,29,37,424,105,36],"class_list":["post-5802","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sample-category","tag-bri","tag-china","tag-china-pakistan","tag-cpec-2","tag-geopolitics-2","tag-pakistan"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/5802","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5802"}],"version-history":[{"count":1,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/5802\/revisions"}],"predecessor-version":[{"id":5803,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/5802\/revisions\/5803"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/media\/5299"}],"wp:attachment":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}