ISLAMABAD: Despite multi-faceted challenges posed by the still-raging pandemic, China’s economic resilience as shown in positive economic indicators has proved that the country will continue acting as a major stabiliser and driver of the global economy, an expert said.
China has not only managed to maintain its steady economic growth during the toughest times but also extended a helping hand to other countries, helping them fight the pandemic by providing vaccines while contributing to their economic development as well, Farhat Asif, president of the Institute of Peace and Diplomatic Studies (IPDS), an Islamabad-based think-tank, told Xinhua in an interview.
Adhering to the concept of building a community with a shared future for mankind, the visionary leadership of China, with strong support from the Chinese people, has shown its resolve to share the opportunities arising from China’s progress with the rest of the world, making China a model country for others to follow, the expert said.
She said that under the Belt and Road Initiative, China continued its cooperation with many countries across the globe, making tremendous contributions to economic growth worldwide.
“The mega project is crucial for global economic recovery and gives the countries real hope as they can transform their economies through infrastructure development, agricultural reforms, industrial development, and through closer cooperation with the Chinese enterprises for economic benefits.”
Referring to China’s annual Central Economic Work Conference that concluded recently, Asif noted that China’s decision to prioritise stability while pursuing progress for next year’s economic work will have a positive impact on the global economy, saying the conference is not only important for China, but for the world also.
“We are living in an inter-connected, inter-dependent and globalised world,” she said, adding that as the world’s largest developing country and a member of the World Trade Organisation, China is “very meaningful” for the world.
Despite facing pressure from demand contraction, supply shocks and an increasingly complicated external environment, China is determined to tackle difficulties squarely by further promoting reform and opening-up in the forthcoming year, the expert said.
“China seeks to support small- and medium-sized enterprises, technological innovation and green development, strengthening the real economy,” she noted.
“Also there are larger opportunities for foreign investors that reflect how China is welcoming global investment to the country … So this inter-dependence and globalisation will help China and other countries to make a robust economic recovery in the post-pandemic era.”
However, Asif said that despite China’s immense contribution towards global development and stability, some Western countries initiated trade disputes to impede China’s economic development, undermining globalisation and mutual economic benefits.
“When people’s well-being, peace and prosperity should be the focus, some countries choose to indulge themselves with bullying, trade wars and politicisation of things,” she said. “But it’s a wise standpoint of China to continue building the economy and sharing the benefits with countries that are against Cold War mentality and deglobalisation.”
The expert believes that in this era of technological advancement and information, the world is sensible enough to notice who has been actually helping the people to grow and progress and who has been tangling itself into the useless economic wars to maintain global supremacy.
