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Tue. Apr 23rd, 2024

Author: Syeda Faiza Bukhari

 

China is ranked as the second largest economy in the world with 11 trillion dollars or grabbing the 14.8% economy of the world, according to the IMF report. It is flourishing and empowering gradually and provides the world’s largest market.

After 1978, China has shifted from a centrally-planned to a market-based economy. With passage of time, it improves its products in quality, credibility and warrantee.

China invested 46 billion dollars in the project of China Pakistan Economic Corridor. The partnership of both countries is very strong in the region.

Pakistani Prime Minister Mian Muhammad Nawaz Shrief once said that his country’s ties with China are “higher than Himalayan Mountains” and “deeper than oceans”.

Chinese regional energy hub connecting it to Middle East, Central Asia, South Asia which makes it a populous nation in the world. The target of GDP is 6.5% per month but currently it is 6.9%.

President of United States Donald Trump depicts Chinese growth as “illegitimate” which is caused by “unfair currency policy” rather than the export of goods at the rock-bottom prices. He already demonstrated, “I believe I can change the negotiating calculus by revisiting the traditionally accommodating US position”.

India also loses its position in economic race. Chinese daily said, “It seemed that India has suffered a setback in the elephants verses dragons’ race, with an unexpected slowing down its economy helping China regain the title of fast-growing major economy in the first quarter.”

While generalizing the growing economic power of China, its plans are more improvised then western region which further strengthen its strong impact on the region and give support to the Arabian Sea. Its biggest market is Europe and provides west as economic boom. It also opens doors for international students in the field of Medical and Engineering. Through  market-based economy  China has experienced rapid economic and social development.

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