China’s rising economy positive signals for Pak

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BEIJING(INP): Experts believe that China’s rising economy is a source of strength for its neighbors and friendly countries like Pakistan.
Pakistan believes that China’s rapid economic growth give a bright hope for World economy particularly for the developing co0untries. Prime Minister Nawaz Sharif has recently stated that China’s economic strength ensure s better future even for Pakistan, that was actively engaged in developing bilateral socio-economic partnership, through China-Pakistan Economic Corridor.
Experts said that the China’s policy of win-win beneficial cooperation contributes to its success world over in the economic sector.
China’s economic uplift is well recognized by the International Monetary Fund (IMF) in its report released on January 16. According to the report, the world’s second largest economy reported 6.7 percent GDP growth in 2016.
the lowest level in nearly three decades, but the rate is likely to top all other major economies.
The growth rate was within the government’s target range, and represents a medium-high level of growth, said Ning Jizhe, National Bureau of Statistics (NBS) chief.
With China’s annual economic output reaching 11 trillion U.S. dollars, an increase of one percentage point of GDP is whopping, he added.
China’s GDP growth has slowed from double-digit to single digit, as the country has embarked on a painful rebalancing, reducing dependence on investment and exports, and increasing consumption.
The doomsayers say that China’s economy will enter freefall and a hard landing is inevitable.
“The data gives them a reality check,” said Zhang Liqun, a researcher with the Development Research Center under the State Council. “Observers of the Chinese economy need to take a comprehensive view as they cannot see the woods for the trees.
Ning Jizhe highlighted more evidence that the Chinese economy had entered a “new normal” stage: reasonable growth and better economic structure.
NBS data for 2016 showed that the service sector accounted for 51.6 percent of GDP, and consumption contributed nearly two-thirds of GDP growth.
Strategic emerging industries such as new energy and advanced manufacturing outpaced traditional industries in terms of added-value growth. The number of start-ups grew by more than 20 percent from a year earlier to more than 5 million.
The per capital GDP of energy consumption fell 5 percent year on year, and the use of clean energy increased.
Zhang Liqun depicted China’s progress in rebalancing as “significant,” and a good start for the country’s 13th Five-Year Plan (2016-2020). He said he expected more positive changes to take place in 2017.