China's Remarkable 74-Year Economic Odyssey: From Inception to Innovation

TEXT: China's economic transformation is from a bumble beginning to ‘Global Leadership.’ As the People’s Republic of China embarks on its 74th anniversary celebration, it pledges an unwavering commitment to ushering in a new era of economic openness.

Focused on achieving high-quality, innovative, coordinated, and environmentally conscious development, China's vision for 2023 marks a pivotal milestone in its economic journey.

In the words of President Xi Jinping, the fifth-generation leader, this year symbolizes the unlocking of China's market for further modernization. This strategic endeavor seeks to align domestic and international imperatives while seamlessly integrating development with security considerations. Over the past seven decades, especially during the four transformative decades of reform under the leadership of the Communist Party of China, the nation has achieved remarkable social stability and economic growth. Actually the China's economic transformation is from a bumble beginning to ‘Global Leadership.’

At the heart of this extraordinary progress, as President Xi underscores, lies the shrewd management of the intricate relationship between reform, development, and stability. In 2022, China's investment in research and development soared to an impressive R7.7 trillion, marking a remarkable 10.1% increase from the previous year. The growth in high-tech industry investments, which surged by 12.5% year-on-year in the first half of this year, and the substantial increase in the added value of critical sectors such as aerospace, equipment, and lithium batteries, exceeding 20% year-on-year, vividly illustrate China's unwavering commitment to coordinated development.

The urbanization rate has skyrocketed from 53% in 2012 to 65% in 2022, significantly reducing the gap in per capita disposable income between urban and rural residents from 2.88 to 2.5. Recent years have also witnessed China's intensified efforts to establish a unified national market, resulting in accelerated development in key regions such as the Beijing-Tianjin-Hebei area, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area, yielding substantial benefits.

Moreover, China's steadfast dedication to green development resonates with global concerns. In addressing humanity's shared challenges, the nation has witnessed significant growth in new energy vehicles, wind power capacity, and charging stations. Additionally, China's installed renewable energy capacity has now surpassed that of coal, with wind power ranking as the world's leading source for 13 consecutive years and solar PV power maintaining its lead for eight consecutive years.

Foreign investment in China continues to surge, with 24,000 new foreign-invested companies established in the first half of this year, reflecting a notable 35.7% year-on-year increase. Notably, Tesla's Shanghai Super Factory played a pivotal role in the company's global deliveries, producing an electric car every 40 seconds.

It is worth noting China's commitment to BRICS' cooperation, emphasizing its readiness to collaborate with fellow BRICS partners in line with the principles of openness, inclusiveness, and win-win cooperation. This new phase of China's economic journey signifies a pivotal moment, not just for the nation but for the global economic landscape.

A GLANCE AT CHINA'S REMARKABLE 74-YEAR JOURNEY

On October 1, 1949, the establishment of the People's Republic of China marked a historic moment. The Chinese people, who had endured war and suffering, finally stood tall again, astonishing the world.

Reflecting on these 74 years, we witness China's evolution from the early days of independence when it grappled with severe economic backwardness and societal desolation to the prosperity achieved after 44 years of reform and development. Progress has been profound in science, technology, economy, culture, social development, stability, national unity, and border defense.

Today, the Chinese people enjoy peace and prosperity, and neighboring nations appreciate the unity and progress exhibited by China. The government and people of the Islamic Republic of Pakistan, a close partner, especially welcome China's development, recognizing the shared history of struggle.

Pakistanis are deeply impressed by China's determination and unity in building a prosperous, democratic, civilized, harmonious, and modern socialist country. As China celebrates its 74th birthday, Pakistan joins in extending its warmest wishes.

CHINA'S ROLE IN GLOBAL DEVELOPMENT

China spearheads monumental projects like the Belt and Road Initiative (BRI) and the China-Pakistan Economic Corridor (CPEC), aimed at benefiting the entire world. The BRI aims to connect Asia, Europe, Africa, and Latin America through a vast network of roads and sea lanes, representing a significant portion of the world's growth and population.

China's commitment to cooperation in the BRI includes policy alignment, infrastructure development, and open trade, with extensive investments from both public and private Chinese institutions. Despite opposition from some Western countries, China remains steadfast in its vision to unite the world through economic competition rather than conflict.

The China-Pakistan Economic Corridor (CPEC), a cornerstone of the Belt and Road Initiative (BRI), represents a colossal endeavor that stretches across 2,442 kilometers. It spans from the bustling Gwadar port on the coast of Pakistan to the resource-rich region of Xinjiang in China. This ambitious corridor is a testament to China's unwavering commitment to modern development and global economic integration.

As the CPEC and other BRI projects inch closer to completion, China's ascent on the world stage becomes increasingly apparent. Unlike traditional superpowers that have relied on military might to assert dominance, China is charting a different course—one characterized by economic prowess and cooperation. The completion of these grand projects signifies a significant shift in the global power landscape, with China poised to lead not through force, but through its ability to foster economic growth, innovation, and connectivity.

Crucially, China's journey toward this future is not a solitary one. It is marked by partnerships with nations that share its vision for inclusive development. Pakistan stands as one of the most significant allies in this endeavor. The collaborative spirit between China and Pakistan has been instrumental in overcoming challenges and advancing these transformative projects.

Amidst opposition from certain quarters, often driven by competing interests and outdated paradigms, China remains steadfast in its pursuit of these humanitarian goals. The world is witnessing a paradigm shift in global affairs as China takes bold strides towards a brighter future for all nations involved in the BRI and beyond. The emphasis on economic cooperation and development resonates as a beacon of hope in an increasingly interconnected and interdependent world.

Syed Ali Nawaz Gilani

(The writer of the article is Secretary General of Pakistan China Friendship Association Khyber Pakhtunkhwa chapter, and a Senior Media Consultant) [email protected])

Copyright Business Recorder, 2023