The Chinese 2 Sessions have ended, giving the message of hope, harmony, peace, prosperity, stability and international cooperation with meaningful dialogue and mega projects of the BRI and CPEC.
The Chinese President Xi Jinping numerously highlighted the strategic importance of new productive forces and drivers of China’s macro-economy comprising digitalization, AI Plus innovation, modernization and qualitative industrialization. The Chinese GDP of 5% for 2024 remained the center of attraction for the regional as well as international countries.
New law for the development of private economy, new regulations for stock exchange, new initiatives for securing FDIs, new initiatives for real estates, new bonds for settling local governments’ debts and last but not least, new laws for small & medium financial institutions further consolidated the Chinese massive drive of socio-economic prosperity, financial integration and good & corporate governance.
While responding to a question of the APP, Wang Yi Foreign Minister and Director of the Chinese Communist Party Central Committee highlighted holistic and comprehensive contributions of the BRI and CPEC.
Obviously, the BRI in its first ten years, starting from 2013 has become the biggest development project of the 21st century disseminating true spirits of immense socio-economic development, trans-regional connectivity, economic diversification, digitalization, economic globalization, internationalism, modernization, qualitative industrialization, human capital development and, above all, eradication of poverty and generation of new jobs in all the member countries and the world.
Thus having worldwide recognition the BRI has more than 152 members which are almost 75% of world population and even GDP which are commendable. It has become the biggest development project for uplifting the economies of developing countries from poverty, unemployment and recessions.
Critical analysis reveals that the BRI has a unique model of development, human capital, capacity building, peace and stability which is completely based on free will, fair cooperation not competition and coordination not conspiratorial tactics. It achieved regional as well as global peace and development through immense socio-economic integration, development and above all people-to-people and culture diplomacy among all its members including the rest of the world.
According to Chinese data (December 2023) in its first decade the BRI has generated 420,000 jobs for its member countries and lifted about 40 million people out of poverty. It has also completed more than 5,000 projects in the member countries. Its constructed bridges, rails, and ports have now become hubs of soft and hard connectivity, stimulators of multiculturalism, and facilitators of qualitative industrialization among the BRI member countries. The BRI’s 10000 project in Africa is connecting the communities and transforming their lives. It has fostered trans-regional connectivity and succeeded in removing all barriers to achieving the desired goals of peace, prosperity and the development of human capital which augurs well for the world economy.
Obviously, outlining a new grand strategy for further development of the BRI through the implementation of his new eight major steps to support the joint pursuit of a high-quality BRI by the Chinese President Xi has further transformed its future orientations, scope, utility and importance. Thus 3rd BRF has accelerated its speed, efficacy and productivity.
The inclusion of new plans for transnational and inter-regional road connectivity, the development of new Eurasian logistics channels to integrate ports, shipping, and trading services under the “Silk Road Maritime,” and the building of the New International Land-Sea Trade Corridor and the Air Silk Road vividly reflects strategic vision, new chapter of development and blueprint of an inclusive development for its member countries and the world alike.
In CPEC Phases I & II, China invested over US$25.4 billion in Pakistan, generating 236,000 jobs, 8,000 MW of electricity, and constructing 510 km of highways and 886 km of the national electricity grid. This investment also facilitated educational diplomacy, with 28,000 Pakistani students in China and 20,000 learning Chinese. CPEC stands as the cornerstone of socio-economic prosperity and poverty eradication in the past decade.
Good thing is that Pakistan’s annual plan for (2022-23) states that the CPEC Phase-II will emphasize industrialization and development of Special Economic Zones, agriculture modernization, science and technology cooperation, promotion of ICT-enabled environment and establishment of IT and high-technology zones and socio-economic development. CPEC’s further estimation by the country’s GDP increase by 6.43% until 2030 as a result of infrastructure investment is showing paramount economic value addition of the CPEC Phase-II.
It is also reconfirmed and highlighted by the World Bank report (2019) social welfare development from the CPEC Phase-II would increase by 10.51%. Consequently, it will also help lift 1.1 million people out of extreme poverty. It has also potential to boost employment opportunities and Pakistan may get four million new jobs. Trade will also witness an increase of 9.8%, if Pakistan implements the CPEC and supports it by required reforms.
CPEC also helped Pakistan manage the load-shedding which, in turn, contributed to control the annual loss of $4 to 5 billion. Moreover, energy development under the flagship of CPEC also contributes to tackle issues of aging plants and infrastructure related to electricity.
It has been one of the key economic drivers of Pakistan’s macro-economy due to which the efficiency and productivity of the energy sector has been further increased. Hopefully, further investment in CPEC Phase-II in power, gas and petroleum sectors will enhance its potential and production capacity.
Now CPEC Upgrading version, qualitative industrialization and inclusion of third party/country would further foster the pace, productivity and positive contribution in Pakistan’s short, medium and long term economic growth and of course increase in GDP.
In summary, BRI and CPEC have been constructive, positive and productive, giving the message of peace, prosperity, productivity and hope of a brighter future through international cooperation, economic globalization, openness, inclusiveness, modernization and qualitative industrialization in all the member countries and rest of the world,
It is good omen that China will also implement 1,000 small livelihood assistance projects, promote vocational education cooperation between China and foreign countries, and strengthen security guarantees for BRI and personnel which is good omen for the development of SMEs in the member countries.
On the other hand, CPEC Phase-II pledges to promote social development in terms of education, housing, health, empowerment of women, capacity building mechanism, and last but not least agriculture cooperation gearing towards greater socio-economic development and economic sustainability.
