China’s 14th five-year plan: An opportunity for Pakistan to improve socio-economic indicators

Pakistan, being home to the flagship project of the Belt and Road Initiative, is in a perfect position to benefit from China’s 14th five-year plan being finalized in the ongoing annual sessions of the National People’s Congress (NPC) and the National Committee of the Chinese People’s Political Consultative Conference (CPPCC). Both countries have got an opportunity to increase trade and economic relations after the signing of the China-Pakistan Free Trade Agreement Phase II.

Islamabad – Pakistan being an important strategic ally of China will be a beneficiary of the decisions to be made by the ongoing annual sessions of the National People’s Congress (NPC) and the National Committee of the Chinese People’s Political Consultative Conference (CPPCC), says a report published by Gwadar Pro on Sunday.

Both the countries are also celebrating 70 years of their diplomatic relations and in a recently hosted ceremony simultaneously in Beijing and Islamabad wherein official logo of the celebrations has been inaugurated between the two states kick starting the festivities of togetherness.

With China’s overall development agenda and the discussions during the two sessions will also focus on the BRI development plans, CPEC as a crown of BRI will benefit at the large scale. As a result of the decisions made in the two sessions, it is expected that there will be continuation of the similar level of cooperation between China and Pakistan for collaboration in the ongoing projects under CPEC.

The Chinese next five-year plan to be discussed in the two sessions can be dubbed as plans of opportunities for Pakistan.

The report says, the two of the main political bodies are to finalize the development plans for the country’s projections and policies for the next year in the realm of military, diplomacy, trade, environment, and other important sectors. These two sessions are important to increase not only national unity and cohesion amongst the length and breadth of China, help achieve country’s goals but also to reach out to global partners and reflect the steady development and engagement plans.

This year’s meeting is happening at an important stage when the Communist Party of China (CPC) is celebrating its 100 years of establishment and there is a start of the 14th Five Year Plan Period (2021-2025) for Social and Economic Development targets for 2035 along with the fact that China is recovering from the fight against the COVID-19 pandemic.

With all the challenges ahead, China is all set to make important announcements related to its goals in development in all spheres. China, a country of 1.4 billion population is offering huge lucrative opportunities for countries like Pakistan to expand the trade base and avail the opportunities offered by China especially in terms of business and development options.

As a result of the China-Pakistan Free Trade Agreement has its Phase II established, there is a growing chance for Pakistani businesses to promote the export in a Zero tariff lucrative business environment.