China is among the largest economies of the world, having over taken Japan in 2010. It is the largest manufacturer and exporter of the world and is second largest importer of the world. China’s economic growth was astonishing 6.6 percent a year over all and average 9.9 percent over the past thirty years. Poverty fell from more than sixty percent to less than ten percent as some 500 million people were lifted from poverty, all the Millennium Development Goal (MDGs) were achieved successfully. If mainland China’s 31 provinces were regarded as independent economy would be becoming 31 fastest growing economies of the world. Two of the top 10 banks are Chinese, sixty-one Chinese companies are included in the global fortune 500 list. China is the home to the world’s second largest highway network, the world’s three longest sea bridges, and six of the world’s ten largest container ports. China created nine million jobs every year. Till 2010 USA was the world’s largest exporter since 2011 China replaced it and is on the victory stand. In 2030 China’s influence in the global economy could approach that Of United Kingdom in 1870 or USA in 1945. The global middle class which was 1.8 billion in 2009 would be five billion in 2030 of which 2/3rd or 66% would be in Asia.
Rising education standards and brisk growth in tertiary education is rapidly increasing the numbers of skilled workers helping China move up the value chain and this process is likely to accelerate in coming decades. The growing skill base will facilitate further shift in production from labour intensive activities and an increase in the pace of innovation. Tens of millions of tertiary educated Chinese workers join the global workforce to significantly expand the global supply of skill intensive products. The number of college graduates could swell by 200 million over the next two decades more than theentire labour force of USA.
A growing middle class will also act as catalyst for improved governance, better delivery of public services and the empowerment of civil society. China’s urbanization a driver of much of China’s increased global competitiveness is poised to grow rapidly over the coming two decades , the increase in the urban population will be equivalent of more than one Tokyo or Buenos Aires each year as the share of urban residence in the total population climbs from about one half to near two thirds by 2030 and this will act as another powerful driver of growth.
China’s influence is also growing in Middle East. In the Middle East demand is increasing for renewable energy, fintech, artificial intelligence, electric cars, all sectors where China is playing a leading role. Infact much of China’s financing will be where it is global leader. China is not using human rights issue as political weapon like USA which uses this weapon against China, Russia and Muslim countries only, while have closed it eyes towards India and Israel. This double standard jeopardized global security. China is global leader in green finance which is the need of secure future of the world. It is establishing green pilot zones along BRI. China is also trying to internationalize its currency and to counter the monopoly of US dollar. China, Russia, Brazil and India want currency swap agreements. China has entered into bilateral currency swap agreements with 41 countries around the world from 2009 to 2020 with the total amount exceeding RMB 3.5 trillion equal to US$ 554 billion. Saudi Arabia wanted to become member of Shanghai Cooperation Organization (SCO) and joined it as a dialogue member which is a first step to get the status of permanent membership. It shows that China’s influence in global politics is increasing while USA’s is shrinking. Saudi Arabia is also expanding its economic relations with China. Saudi Arabia’s giant ARAMCO has started a US$ 12 billion joint project with some Chinese firms. Aramco is also investing in Chinese companies. Saudi Arabia is moving away its dependence on west. Amin Hassan Naser President and CEO Aramco said,” Saudi Aramco aims to play a key role at the heart of China’s long-term energy security and high-quality development”. Saudi Arabia also would like to join BRICS which is also working new global reserve currency and alternative mechanism for international payment. Saudi started making ballistic missile deal with China. For currency swap China took initiative mBridge program in which there are 20 participating banks, over 160 transfers and foreign exchange, over $ 12 M in issuance, over US$ 22 Million transfers and foreign exchanges, four central banks. Mbridge is a platform based on a new blockchain the mBrisdge Ledger was built by central banks to support real-time, peer to per, cross border payments and foreign exchange transactions using CBDCs. China, Russia and India are plying important role to end the US dollar monopoly and Brazil, Saudi Arabia and Iran have joined hands with them. China has more than US$ 1,000 billion of treasury securities in US bonds and is major stake holder in US economy.
Iran and Saudi Arabia have agreed to resume their ties and within two months they will open their embassies in respective capitals of Tehran and Riyadh It will resume these ties after seven years gap. It is victory of dialogue and both the Muslims countries now more concentrate on their economic stability, education, science and technology. It is loss of face of America. It is the big political shift in the region. This deal would pave the way for de-escalation, stability and durable peace in the region.
The global scenario is changing and new facts are emerging. Pakistan need to adjust itself in this scenario. Both the opposition and government leaders are unfortunately short sighted and are busy in self interested narrow war which is consuming Pakistan’s time, energy, resource and distorting its image. Our first priority should be economic and political stability and skill- based education for our youth. There is a need to introduce export culture in the country, get rid of elite economic and political system, hardworking, dedicated and sincere people of society should come forward and try to unite nation on basic issues. Judiciary itself become partisan and is divided and disappointed the nation. Now on pure Pakistani base a pressure group and think tank is needed which should guide the people to pull them out of sectarian, political parties biases and to think purely on patriotic basis and to pave the way for real democracy in the country following the footsteps of Quaid e Azam Muhammad Ali Jinnah. This group might include intellectuals, journalists, ulema, scholars, retired armed forces personnel, economists, writer and business people. It’s a time to save Pakistan and to appeal the leaders to behave sensibly. Pakistan should join hands with China, Russia, Iran, Saudi Arabia, Qatar, Brazil, Turkiye to form a strong trade block and do every effort to stabilize its economy.