CPEC contributed to Pakistan’s improved global economic ranking
The successful construction of the first phase of the China-Pakistan Economic Corridor (CPEC) played a fundamental role in enhancing the economic ranking of Pakistan at the international level, said Chinese scholar Cheng Xizhong.
At the domestic front, the CPEC contributed a lot easing power shortage, developing Express highway network, improving basic infrastructure network across the country.
The CPEC’s outcomes showed to the world that Pakistan is becoming an important platform for foreign investment and regional connectivity. Cheng in his comments published by the China Economic Net, noted that Pakistan’s ranking has recently jumped from 136 out of 190 countries in the previous year to 108 this year, and Pakistan ranks among the top ten economies with the most significant improvement in business environment.
This economic rise of Pakistan, according to Cheng is also because China is the largest emerging economy in the world and Pakistan is a friendly neighbour of China.
With the continuous development of the CPEC, the Pakistani economy is more and more integrated with the Chinese economy. The great achievements of China’s economic development are benefiting the rest of the world through the �Belt and Road,” especially Pakistan.
The other reason of the economic rise, is that Pakistan is good at absorbing the successful experience of China’s reform and opening up and economic development. Prime Minister Imran Khan has visited China three times since he took office August last year, to take benefit of China’s repaid economic growth in context of the two countries’ growing bilateral ties.
Pakistan has also sent many delegations to China to study the Chinese successful experience. It was heartening to note that now, Pakistan has begun to reform and open up, and is adopting a series of favourable 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. This has greatly aroused the enthusiasm of foreign enterprises to invest in Pakistan, he added.