This is apropos a letter to the Editor carried by the newspaper yesterday. Let me add that despite daunting global economic challenges, President Xi steered the economy with his known grit and vision and made China the second-largest economy with a GDP exceeding $18 trillion by 2021 a feat which looked impossible only a few years ago.
Now his vision “Made in China 2025” is all set to drive China to become a global leader in high-tech industries, including artificial intelligence (AI), robotics, semiconductors, and 5G and in no time, China is now one of the world’s leaders in AI research and development and a leader in 5G deployment and digital transformation, extending China’s influence in global telecom, enhancing connectivity nationwide.
It was only his vision and untiring effort coupled with political and administrative acumen that since he took over, in 2013, the country’s foreign exchange reserves touched an all-time high to $3.238 trillion by the end of 2023. Per capita income nearly doubled from $6,283 in 2012 to around $12,605 by 2023.
Trade volume expanded from $3.87 trillion in 2012 to $6.31 trillion by 2022 illustrating China’s progress toward a more robust, internally resilient economy.
President Xi’s vision extended beyond China’s domestic prosperity; after achieving substantial growth at home, he focused on enhancing regional trade and commerce, leveraging China’s resources to support the economic health of neighboring and global partners. His 2013 Belt and Road Initiative (BRI), initially seen as a highly ambitious project with its intricate network of land, sea, rail, and air links, has since evolved into one of the world’s largest infrastructure and investment programs, spanning Asia, Africa, Europe, and Latin America.
By 2024, the BRI had attracted around $1 trillion in total investment and connected over 140 countries. Trade volume among these nations reached approximately $9 trillion, highlighting the vast economic engagement driven by the BRI, which continues to stimulate regional integration and substantial trade flows, with the potential to transform economies through enhanced connectivity and mutual growth.
Qamar Bashir
Copyright Business Recorder, 2024