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PM keen to emulate Chinese model for economic turnaround

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ISLAMABAD: Prime Minister Imran Khan reiterated his resolve to steer Pakistan out of the current economic challenges and expressed his keenness to learn from the Chinese model of taking its 700 million people out of poverty through long-term strategies, and economic and governance reforms.
Addressing a ‘Pakistan Trade and Investment Conference’ he invited the Chinese investors and the overseas Pakistanis with ample professional experience and capital for exploring the God-gifted huge potential in Pakistan.  The prime minister assured provision of complete facilitation to the investors and businessmen and guaranteed that all impediments in doing the business would be removed.  Lauding the Chinese leadership for long-term economic policies, he said in the past, Pakistan kept on repeating the mistakes without learning from them. The prime minister also announced to launch in the next week, a poverty alleviation plan in Pakistan, besides separately, forming a high powered think-tank to float suggestions and proposals for the government in running the affairs of the country and steering it out of the economic woes.  He opined that the chief executive and the ministers had so many things on their tables, so a separate think-tank on the pattern of Chinese model would provide them with valuable input. The prime minister while drawing the attention of the participants towards the vast untapped mineral resources and the youth potential of Pakistan, said a conducive environment would be provided so that the people should opt to invest.
Ease of doing business could be possible only in a society if the cancer of corruption was removed, he said, citing corruption as the main hurdle in doing business. Small and medium businesses could not thrive in a corrupt society, he cautioned.  The prime minister said in China, during the last five years, 400 ministerial people had been investigated for allegations of corruption. Contrary to it, in Pakistan, there was a lack of political will to put the crooks behind bars in the past.  Expressing the strong resolve of his government, he said they would tackle corruption with an iron hand and do everything to strengthen the country’s watchdogs against corruption. He reiterated that business-friendly environment free from corruption would be provided in Pakistan. The prime minister also regretted that in Pakistan, there were a number of under-performing sectors, underlining that every sector could perform and move forward for achieving the highest annual growth by adopting the Chinese practices of imparting proper skills and training to the vibrant 100 million youth.  He said out of the huge mineral-rich swaths of the country, only ten percent had been explored.  The prime minister also expressed the desire to learn from the Chinese expertise in agriculture, horticulture and fishery sectors. He reiterated that the relationship with China was very beneficial for Pakistan.
He also apprised the gathering about his government’s ambitious plan of constructing five million affordable houses in Pakistan within the next five years, which as a chain reaction would not only benefit 40 other associated industries but also create job opportunities for the youth. It would make the whole economy moving.  About the China Pakistan Economic Corridor (CPEC), the prime minister said it was a great opportunity for Pakistan to connect with China through a web of power, energy and infrastructure projects. The CPEC would turn Gwadar into a hub of trade in the future, he added.  The prime minister appreciated the Chinese leadership for the continuous process of analyzing themselves, and cited the slogan written on the Communist Party’s office ‘learn from your mistakes’.  He said no nation could aspire to achieve unless it had learned from the past and regretted that Pakistan would not have been in the situation if it had learned from the past mistakes.  He also praised China and President Xi’s vision for free trade by opening up the closed economies. Alluding to President Xi’s long-term projects, he said under his dynamic leadership, China achieved greater success and in the last 30 years, what it had achieved, had never been witnessed in the human history.
The prime minister also noted that skills development coupled with human development were vital for an economic turnaround.  The Chinese government had brought back the experience of its skilled nationals and businessmen working abroad, while on the other hand, it sent its students abroad for special technical education, he said, adding the practice would be adopted in Pakistan.  The prime minister emphasized that complete industrialization could not be feasible without proper training to the people. He said about 8 to 9 million overseas Pakistan had been working abroad, including the skilled workers, laborers, businessmen and professionals, and his government had the target to woo them to come back and utilize their potential for the development of the country.  He also assured full investment facilities to the overseas Pakistanis for doing business in Pakistan and said most recently, the government had launched Pakistan Citizens’ Portal through which the overseas Pakistanis could raise any complaint and the government would respond. The prime minister also expressed his gratitude to the Chinese leadership for the warm hospitality extended to him and his delegation and termed his meetings with them fruitful.

 

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China to remain top market for Asia-Pacific economies

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China's services imports

LONDON: Despite a recent decline, China will remain the prime destination for Asia-Pacific (APAC) exports for several years to come, the British think tank Oxford Economics said today. 
According to Oxford Economics researchers, APAC economies have been highly integrated with China’s economy since the country’s WTO accession in 2001. Given their geographic proximity, APAC countries even have stronger trade links with China than with the rest of the world.
“While China has become a principal final destination for many APAC exports, what’s more striking is that China is also the largest import source for most APAC countries,” they said in a study.
China plays an increasingly significant trade role for Asian countries such as India or Vietnam, which strive to increase income level and stimulate industrial development.
“Participating in Asia’s supply chain and penetrating the Chinese market are key to helping industrial sectors succeed,” the report added.
Meanwhile, trade dependence on China is also growing outside of Asia, the report showed.
“Resource-rich emerging countries outside of Asia, such as Chile, Brazil, Saudi Arabia, and Russia, have high export intensities with China, exporting large amounts of energy and commodities there,” it said.
The researchers added that these countries’ “export intensities with China are even higher” than those of many Asian countries.
Furthermore, countries “such as Russia and Argentina have higher import than export intensities given that they import even larger amounts of manufactured goods from China compared to the energy and commodities they export,” it said.

 

 

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Asia

China busts online fraud rings

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China busts online fraud rings

BEIJING: Chinese police have nabbed 36 suspects in a series of fraud cases targeting middle-aged and elderly people on the Internet, said the Ministry of Public Security (MPS) at a Press Conference today. 
The police accused the suspects of luring victims into joining fake poverty-reduction foundations and science projects with forged official documents and stamps. Chen Shiqu, deputy director of the criminal investigation bureau under the MPS, said the fraud rings specifically targeted their victims, most of whom were middle-aged and elderly people, by setting up group chats on popular messaging platforms such as WeChat and posting false information.
Chen also warned the public to watch out for false information posted on the Internet and in mobile applications. The police did not reveal how much money was swindled out of the victims, but a total of 2.73 million yuan (404,000 U.S. dollars) involved in the cases were frozen.

 

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Asia

Tokyo’s Nikkei index closes up one percent

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Tokyo stocks gain on bargain-hunting

TOKYO: Tokyo’s benchmark Nikkei index jumped nearly one percent today as investors welcomed a weak yen and a broader rally in Asian shares.
The Nikkei 225 index rose 0.96 percent, or 195.59 points, to close at 20,555.29 while the broader Topix index was up 0.85 percent, or 12.99 points, at 1,542.72.
Tokyo shares opened lower after a public holiday the previous day with the market weighed by fears over a slowdown in the global economy following disappointing Chinese trade data.
Figures released on Monday showed drops in China’s exports and imports, fuelling fears of a global slowdown and sending world stocks slumping.
But shares entered positive territory by noon as the yen gradually declined against the dollar, boosting investor sentiment.
The dollar bought 108.69 yen in afternoon trade against 108.17 yen in New York on Monday afternoon.
Investors were also encouraged by gains in Chinese and other Asian shares, brokers said.
“Investors continued buying back shares which fell sharply recently,” said Daiwa Securities senior technical analyst Hikaru Sato.
“There still is room for buying as the market is recovering from the recent plunge,” Sato told the Media.
In individual stocks trade, Hitachi added 7.08 percent to 3,583 yen after soaring 8.63 percent on Friday as risk-averse investors welcomed a report in the Nikkei business daily that the company had decided to freeze its plan to build a nuclear power plant in Britain.
Olympus, which jumped nearly 10 percent on Friday following the appointment of a new CEO, added 17.47 percent to 4,705 yen.
IT investor SoftBank Group gained 0.14 percent to 7,709 yen, and Nissan edged down 0.19 percent to 903.7 yen.

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