Opinion: China Providing Much Needed Support to Global Economic System

By Muhammad Zamir Assadi

China, the 2nd largest economy of the world by successfully eradicating absolute poverty and containing the worst global health crisis regarding COVID-19, smoothly integrates into its 14th Five-Year Plan and the long-range objectives through the year 2035.

Known as the largest developing country in the world, China has emerged as a nation working hard under the leadership of the Communist Party of China by attaching significant importance to the prosperous development of the society that has also been cultivating sustainable benefits for the partner countries, especially under various bilateral and multilateral agreements.

China is embarking on a new journey of progress that includes a new development paradigm with the strength of 5G technology, poverty alleviation, E-Commerce, Belt and Road Initiative, multilateral partnerships, digital currency, green development, and economic transformation.

With the new development pattern and philosophy, China’s aggregate economic volume and overall national strength soared up a great deal that turned over a new leaf of innovative progress.

Being the only major economy in the last year of the 13th Five-year plan amid the pandemic crisis with its GDP expanding 2.3 percent to hit 101.6 trillion Yuan shows that the economy is resilient that will consistently maintain sustainable growth in the next years.

Economic performance figures have added certainty to the global economic crisis affected by the ravaging COVID-19 situation.

The pace of economic progress has enabled the country to actively engage in establishing the rationality for overcoming the gaps in economic structures of developing countries, especially in the neighborhood.

The rapid economic growth has shown promising results, and many countries have remained the top trading partners with China in the last some years in various sectors.

The blueprint of China’s 14th Five-year plan and long-range objectives is expected to spearhead the economic and social development for equal global development with the UN sustainable agenda of 2030.

In this critical juncture of history, when the international community struggles to recover their economies from the pandemic, China, with the world’s largest manufacturing hub, is on the very right track offering a bundle of opportunities to other countries for economic growth and trade cooperation.

These exponential opportunities of securing economic growth in the upcoming years by enhancing comprehensive trade relationship with Beijing means that China is sharing the dividends of its achievements with others based on a win-win situation with the principle of a one-sum mentality.

With the systematic and logical economic policies, China’s large-scale industrialization gains the desired momentum derived from opening up policies by adopting deliverable measures.

The successful policy of reform and opening up created ways for modernization of the country’s talented potential into the real power that achieved extraordinary prominence in Asia and at a global level.

The high-quality development over the quantitative gains has also generated a message at a global level that scientific and technological development will be pursued to strengthen the innovation in its modernization drive and implement an innovation-driven strategy for the next five to 15 years.

The country’s economic gains are showing that it carries the potential of pushing ahead the global agenda of economic prosperity by playing its due role when the other so-called big countries are losing their strength of advantages.

The path of development and progress in the next 5 years plan is an embodiment that China’s role will help heal divisions and promote peaceful global cooperation.

Obviously, China’s economic transformation process will be a process of deep interaction with the world economy and opening up the market for all.

The organic combination of expanding opening-up and domestic economic transformation in the next few years will positively influence both boosting domestic economic growth and participating in international competition.

The partner countries cultivating dynamic benefits in cooperation with Beijing also expect that China not only can but must assume a pivotal position in shaping world society for the betterment of all.

In recent years, the steps adopted by China also demonstrate that it is a vehicle for free cooperation, not an imposition of sectional power.

China has already positioned itself as a peaceful rising power in an increasingly interdependent world. It pursues its objectives by aligning with the international community’s destiny for establishing a shared future of humanity.

The speeding up of China’s market-oriented policies in recent years has eventually increased Beijing’s relations with the rest of the world.

Based on remarkable economic achievements and solid financial assistance to developing countries, China is shaping its future evolution for playing a global role in a new era of multilateralism and global cooperation.

The continued achievements under the umbrella of greater openness and closer cooperation on the world stage have attracted much global attention that generates the message that China will be the leading driving force for reviving the economy.

China’s support for globalization and multilateralism has brought hope for the international community that Beijing’s economic transformation will have a significant impact on world economic growth that will achieve substantive breakthroughs.

With the continued strengthening of the Chinese economic system based on deepening reforms and opening-up, the international community expects the much-needed impetus to the international market under China’s 14th Five-year plan for achieving the desired outcome.

The author is a journalist with Independent News Pakistan and a media fellow of China-South Asia and South East Asia Press Centre 2017.