China's remarkable economic transformation offers new opportunities for global growth, say experts-Xinhua

China's remarkable economic transformation offers new opportunities for global growth, say experts

Source: Xinhua

Editor: huaxia

2024-05-16 12:04:00

by Raheela Nazir, Tang Binhui

ISLAMABAD, May 16 (Xinhua) -- China's remarkable economic and social transformation over the past few decades has offered new opportunities for global growth, setting an example of rapid modernization with valuable lessons for countries around the world striving to achieve high-quality development, said Pakistani and Chinese officials and experts on Wednesday.

The new idea of switching its economy from high-speed growth to high-quality growth is incredible, injecting a new impetus into the global economy and opening new avenues of socio-economic development for countries including Pakistan, experts said at a seminar titled "Transformation of China's Economy to Quality Growth Model: Opportunities for Pakistan."

Talking to Xinhua on the sidelines of the event, former Pakistani Foreign Minister Jalil Abbas Jilani said that Pakistan-China relations are of utmost significance, highlighted by shared history, cultural ties, and economic cooperation.

Pakistan and China always supported each other on core issues of national interests and enjoyed fraternal relations, the former minister said, adding that under the framework of the China-Pakistan Economic Corridor (CPEC), China has helped Pakistan in improving infrastructure and overcoming severe energy crisis.

Launched in 2013, CPEC, a flagship project of the China-proposed Belt and Road Initiative, is a corridor linking the Gwadar Port in southwest Pakistan's Balochistan province with Kashgar in northwest China's Xinjiang Uygur Autonomous Region, which highlights energy, transport, and industrial cooperation in the first phase, while in the new phase expands to fields of agriculture and livelihood, among others.

Speaking of China's energy technologies and products, the official highlighted the positive role of China in reducing global carbon emissions and promoting green development, saying it is beneficial to the world.

"Pakistan would introduce electric vehicles by 2035 and explore collaborating with Chinese companies like BYD, a world-leading seller of electric vehicles."

Moin ul Haque, a diplomat and former ambassador of Pakistan to China, said Pakistan could take a leaf out of China's book in promoting industrialization and enhancing exports.

"Pakistan should establish scientific and technological cooperation platforms between China and Pakistan institutions to take advantage of the opportunities ... Also we need to invest in education and skills development of Pakistani youth to prepare human capital for new industries to promote development and common prosperity," he said.

Speaking on the occasion, Chinese Ambassador to Pakistan Jiang Zaidong said that leaders of China and Pakistan have expressed their good wishes and reached important consensus on promoting the development of bilateral relations in the new era.

It has set the direction for the next step to promote the partnership and relations between China and Pakistan and accelerate the building of a closer China-Pakistan community with a shared future, according to the Chinese ambassador.