China’s reopening, CPEC and global growth | By Muhammad Zamir Assadi


China’s reopening, CPEC and global growth

AFTER three years, on January 8, 2023, China has reopened its boundaries for international travel, easing up the covid-19 restrictions. The deliberate decision, made by China, has set a path for economic growth around the world as consumers are ready to make use of billions of US dollars that they have saved during these three years of pandemic restrictions. On the other hand, Chinese investors are also hyper ready to make their money work for them by investing it in the international market.

This long-awaited decision has paved the way for growth in Chinese GDP as well as brought up an opportunity for expansion in the international market. Variety of industries will witness a boost because after the reopening of China, demand has increased for the supply chain. Now it will bring a vibrant movement in international trade and will play an integral role in the recovery of the global economic crisis. China is rapidly becoming a global hero of trade and commerce and the whole world is astonished by its progress that is why it has attained centre of attention across the globe.

Now the eastern world has two choices either to pay heed to those who propagate against China for uncertain conspiracies or join hands with China to lead their countries on the path of success and achievements. History has witnessed that eastern countries preferred to adopt a defensive approach and it never let them have what they could so now it is the high time to shift the mindset from conspiracies to opportunities. China has offered its hand of friendship to almost the whole world and specially a very welcoming hand to Pakistan by investing the all-time high investment in the country in the shape of CPEC. Now Pakistan should keep handling this opportunity efficiently so it can bring a massive prosperity not only in the country but also in the region.

If we look back to what CPEC has given us, we will clearly have an answer that responds positively to all the questions that might pop up. CPEC was launched back in 2013 under the umbrella of Belt and Road Initiative (BRI) which has achieved remarkable results and proved it to be exemplary cooperation. CPEC has brought a massive decline in energy shortfall by adding 6,369MW in the system under 11 projects and 10 more projects are in different stages of completion. Under this flagship project, China and Pakistan have expanded bilateral cooperation and enhanced growth in a variety of sectors such as Industrial Development, Information Technology, Health care and other commercial activities. CPEC has also made a tangible contribution to the socio-economic development in the country.

CPEC has connected our lands and seas already and now the construction of Gwadar port has added so much to our side. If Pakistan focuses on making Gwadar a hub of international trade, it can strengthen our economy and bring prosperity across the country. It will facilitate tremendous peace as commercial activities will be increased and help alleviate poverty. There is no doubt in saying that CPEC is a win-win project for China and Pakistan. Pakistan, being a very important part of the largest and most populated continent, also has an edge of strategic importance. Now if we realize our importance and sincerely join hands with those countries whose interests are actually tied up with us, we can bring this country out of the current situation.

Now Pakistan has an amazing opportunity after China has reopened international in and out travel. Chinese companies are putting more trust in Pakistan at the moment because they are well aware that their government is paying much attention to this country. So, Chinese investors will bring their long-awaited investment in a variety of sectors in the international market and we can capture a handsome share out of it by adopting business-friendly policies and most importantly by maintaining law and order situation.

Chinese investors can easily be attracted to invest in Pakistan because if they initiate an industry in the country, they can enjoy the short trading routes from Gwadar and now they can trade with different regions from here as well. Pakistan is also a plus point for those Chinese investors who dwell from western part of China as western boundary of China is not connected with sea so now; they can transport their supply chain to Gwadar through land and from this point on, it can be shipped to the destined country.