Pakistan can draw valuable lessons from China by prioritizing quality over quantity in growth strategies: PFC chief

Lahore: Mian Kashif Ashfaq, the Chief Executive Officer of the Pakistan Furniture Council (PFC), emphasized that Pakistan, facing significant economic challenges, can draw valuable lessons from China by prioritizing quality over quantity in its growth strategies.

During a discussion with a delegation of prominent architects, led by Mohsin Ali Mughal, he underscored the importance of investing in human capital, advancing technological capabilities, and promoting industrial modernization as essential steps forward. Ashfaq also highlighted that strengthening governance and implementing effective regulatory frameworks are critical to attracting foreign investment and fostering a business-friendly environment.

He suggested that Pakistan could greatly benefit by adopting sustainable practices in its energy and infrastructure sectors, taking inspiration from China’s green growth initiatives. By concentrating on innovation, education, and sustainable development, Pakistan has the potential to build a resilient economy capable of withstanding global challenges, he asserted. Additionally, Ashfaq pointed out that collaboration with China through initiatives like the China-Pakistan Economic Corridor (CPEC) could further expedite Pakistan’s economic transformation, enabling the country to achieve new milestones in growth and development.

On the same occasion, Mohsin Ali Mughal remarked that China’s transition to a quality-driven growth model offers significant insights for Pakistan as it strives to uplift its economy.

Over the past decades, China has evolved from a rapid, quantity-focused growth model to a more sustainable and inclusive development strategy. This approach emphasizes innovation, technology, and green growth, aimed at boosting productivity and improving living standards. By focusing on high-quality infrastructure, advanced manufacturing, and the digital economy, China has been able to sustain robust economic growth while simultaneously addressing environmental concerns and reducing inequality, Mughal added.