BEIJING, Nov.17 (INP): Pakistan’s economy has now entered the track of rapid development with the development of the China-Pakistan Economic Corridor (CPEC) and China’s strong financial support, says Chinese scholar Cheng Xizhong
However, according to Cheng Pakistan’s economic growth rate had been very low due to some historical internal and external factors.
Now, Pakistan has begun to reform and open up, and is adopting a series of favorable policies for foreign investment, such as simplifying procedures, establishing special economic zones and implementing tax-free policies.
When Prime Minister Imran Khan met with Chinese entrepreneurs during his recent visit to China, he promised that foreign enterprises would make a good profit in Pakistan.
According to Cheng Xizhong, a commentator of China Economic Net, the main factor that hindered Pakistan’s economic progress had been the Kashmir dispute left over by the history. He emphasized that both Pakistan, India need to settle disputes and issues in the region through dialogue on the basis of equality and mutual respect. A peaceful, stable, cooperative and prosperous South Asia was in common interest of all parties, he added.
The low-growth in Pakistan was also because of some external factors, as its economic development is exposed to foreign borrowing.
The Chinese scholar is confident that Pakistan, which is in the junction of South Asia, Central Asia and the Middle East, will become an important platform for regional connectivity.
Pakistan has great potential for economic development. With development of the second phase of CPEC, especially the establishment of special economic zones and construction of industrial parks, Pakistan will greatly increase the export of industrial products.
So gradual transition from an agricultural country to an industrialized country is the biggest new growth point, he added.