CPEC, Third Plenum and Lessons for Pakistan

Through various policy initiatives, Prime Minister Shehbaz Sharif is striving hard to gear up the CPEC Phase-II in the country. He desired relocation of the Chinese qualitative industries in the country stimulating the process of qualitative industrialization, digitalization and artificial intelligence.

Unfortunately, ongoing severe political polarization is badly hurting long-term socio-economic planning and plans and economic stability & sustainability is now at stake. The recent surge in terrorism and political opposition to operation Azm-e-Istehkam is damaging the country’s credibility in terms of seeking more and more inflows of FDIs and joint ventures in the country. Even ISPR’s detailed press briefing outlined terrorism and safety & security as main attributers to the country’s prosperity.

The government, policymakers, and stakeholders of Pakistan must learn from the recent Third Plenum of the 20th CPC Central Committee in Beijing. The Communiqué announced a strategic roadmap for China’s reforms and modernization. Pakistan needs to adopt similar structural reforms to navigate its economic and geopolitical challenges, focusing on modernization, innovation, investment, talent development, state sector reform, improved economic governance, and fostering a conducive environment for private sector growth.