Chinese model of economic development a “miracle of modern times”: Ahsan Iqbal

Islamabad: Federal Minister for Planning Development and Special Initiatives Ahsan Iqbal has called the Chinese model of economic development a “miracle of modern times.”

Addressing China Pakistan Economic Corridor (CPEC) Green Development, High Level Dialogue organized by Sustainable Development Policy Institute (SDPI) here, Iqbal appreciated the Chinese model and acknowledged China’s progress under the ‘miracle.’.

“Pakistan will follow the Chinese model of economic development. This (Chinese model) is a miracle of modern times. According to the Chinese, modern economic development is possible only with the continuation of political stability, social solidarity and economic policies,” he added.

Ahsan Iqbal regretted that in the year 2020 China’s industrial relocation to Pakistan was to take place and “we did not have the infrastructure to benefit from this change.”

During this period, China’s Industrial units were shifted to Vietnam and the Association of SouthEast Asian Nation (ASEAN) countries, he mentioned.

The minister recalled that in 2013, the government of Pakistan started Special Economic work on nine Special Economic Zones (SEZs) under the China-Pakistan Economic Corridor (CPEC) but until “we struggled to complete even one of them.”

If these SEZs were completed, China’s industrial relocation would have taken place in Pakistan today, he maintained.

Ahsan Iqbal contended that in 2013, the CPEC was started by the former Prime Minister Nawaz Sharif to bring US $ 46 billion investment in infrastructure and energy projects. Then Chinese potential investment has since grown manifold.

He underlined that China and Pakistan had agreed to work together on a green economy. He stated that the current leadership of China believed in environment-friendly industrial development and in the future they were giving special importance to environment-friendly policies in new projects.

“Pakistan and China are starting work on several green energy projects which would help in improving the environment. Most of the solar and wind energy projects will start a new era of sustainable economic development in the country,” he opined.

Iqbal remarked that the anti-environment industrial development had also played a role in spoiling the environment in the world and Pakistan had also suffered from this. “Today Pakistan Is among the five major countries affected by environmental crises”, he pointed out. Ahsan Iqbal said that China had agreed to bring more investment in this project.