State of the Economy: China Pakistan Economic Corridor Review and Analysis.
Pakistan-China Relations in the 21st Century held on 16th March 2018 in honour of H.E. Mr. Yao Jing, Ambassador of People’s Republic of China to Pakistan.
Media links to the event:
Lahore Center for Peace Research (LCPR) hosted a policy dialogue on Pakistan China relations in the 21st century on 16th March 2018 in honour of H.E. Yao Jing, Ambassador of People’s Republic of China to Pakistan. In addition to the Ambassador of China, and Ambassador Shamshad Ahmed Khan, former Foreign Secretory and Chairman LCPR, the Chinese Consul General Long Dingbin, former Finance Minister, Dr. Salman Shah, former Pakistan diplomats and notable defense analysts and personalities from the academia attended the event.
The main points discussed were as follows:
- Chinese and Pakistan leadership have a strong commitment to develop economic and social ties between the two countries. Their relations are not based on transient interests but have remained unconditional.
- The Chinese vision for prosperous development counteracts the Western concept of development based on supremacy. China has turned into an economic power from its trade and investment and recognizes the importance of mutual learning and joint development of its neighbours. This is in line with China’s overall vision of state to state relations built on (i) mutual respect (ii) justice and fairness and (iii) reciprocity. The ties between Pakistan and China are reflective of this symbiotic exchange.
- Pakistan matters in China’s vision of development and growth as enshrined in 2017 19th China’s Communist Party Convention. Pakistan’s importance to China will continue to increase because of the all-weather Pak-China relations and mutual interests reflecting China and Pakistan common vision for a better future and prosperity.
- China is taking center stage in global trade and strengthening its economic and trade ties with other countries through its Belt and Road Initiative (BRI). Rooted within BRI is the China-Pakistan Economic Corridor (CPEC) initiative that harbours economic prosperity for the greater benefit of the entire region. It is a flagship project with the potential to shape the economic landscape and attract private businesses and investment in the region.
- CPEC is a landmark in solidifying mutually beneficial partnership between Pakistan and China. It will, in particular, uplift the backward areas of Pakistan and develop secure trade routes by providing transits and corridors from Kashgar to Gwadar.
- The relationship between China and Pakistan can bear results if CPEC follows the model of the Mexico-US relationship of 1990s free trade agreement which over the last thirty years has immensely benefited the Mexican economy.
- CPEC must develop a framework which is transparent and inclusive, defines clearly the respective roles of private sector and incorporates an inbuilt monitoring and evaluation system to realize the vision of CPEC.
China can be Pakistan’s one stop window for technology and finance. Pakistan has to ensure that it uses this opportunity and attracts more businesses and investment. If Pakistan’s economy does not increase threefold in the next thirty years, then Pakistan will have failed to realize the true potential of CPEC.