Over the past 75 years, China has made remarkable economic achievements that have not only transformed the nation but have also had significant implications for the global economy, including Pakistan, as per a report by KASB.
Since its founding in 1949, the country has experienced astounding economic growth. By 2023, its GDP was 223 times larger than in 1952 calculating at constant price, with an average annual growth rate of 7.9%. For over a decade, China has contributed more than 30% to global economic growth, making it a vital player in the international market. This consistent performance offers opportunities for trade and investment that extend to countries like Pakistan.
In the first half of 2024, China reported a year-on-year GDP growth of 5%. The International Monetary Fund (IMF) projects that this growth will continue, forecasting a 5% increase for 2024 and 4.5% for 2025.
Over the past four decades, nearly 800 million people have been lifted out of poverty in the country. Living standards are also on the rise. Average life expectancy rose from just 35 years in 1949 to 78.6 years in 2023, supported by a basic medical insurance system that covers over 1.3 billion people.
Today, China stands as the world’s second-largest economy by nominal GDP and the largest when measured by purchasing power parity (PPP). This economic stature means that China’s policies and stability have far-reaching effects on global markets, including trade dynamics with Pakistan.
The achievements of China over the past 75 years not only reflect its impressive transformation but also highlight the interconnectedness of global economies. As Pakistan continues to strengthen its economic ties with China, there is much to learn from this journey. Moving forward, both nations can benefit from shared growth and cooperation, paving the way for a more prosperous future.
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