China’s development to help economies worldwide recover from pandemic shock

ISLAMABAD (XINHUA) – China will help economies around the world recover from the COVID-19 pandemic through the development it plans to achieve in the next five years, a Pakistani expert has said.

“China is the first economy of the world which quickly recovers from the pandemic and saw a gross domestic product (GDP) growth at a time when other economies were falling, so the world can hope that China will also help it recover with its development as China plays a major role in international trade,” Zia Banday, an Islamabad-based urban economist currently working as a developmental consultant with the United Nations (UN) Development Programme, told Xinhua in a recent interview.

As China’s 14th Five-Year Plan (2021-2025) for National Economic and Social Development aims to not only enhance production to tap the potential of the domestic market, but also encourage its nationals to tap the market potential overseas, the business-to-business cooperation will help both developing countries and developed ones by creating more trade and business opportunities, he said.

Banday said that the political stability in China and the consensus of the whole nation on the governmental policies guarantee that China is going to achieve the targets set for the next five years.

“By political stability, the government is basically allowing the people to explore domestic and international markets and find innovative ideas to promote the economy by following the guidelines of the five-year plan,” he said.

The targets set in the 14th Five-Year Plan are very practical and achievable, as the country has already taken a step forward to achieve industrial upgrading and introduced reforms to improve economic efficiency and quality, he said.

“After all the economic prosperity China has achieved, its goal is to form a high-skilled manufacturing and services, consumption-based economy, and the next five-year plan, like the previous one, is in line with this goal, and will help China achieve the targets,” he said.

The forthcoming five years will make China stronger, as the country will on one hand tap the potential of the domestic economy and deepen its opening-up, and on the other upgrade itself to hi-tech and scientific industrial production by upholding the central role of innovation in its modernisation drive, he added.

An employee stitches clothing for export at a factory in Donghai county in eastern China’s Jiangsu Province. PHOTO: AP