These observations were made at an interactive session on "The Rise of China As a Super Power", organised by the Management Association of Pakistan (MAP) here on Thursday.
Former ambassador Najmul Saqib Khan, who was key-note speaker delivering a brainstorming lecture on China's progress and its economic achievements, said that provision of social opportunities, cheap labour, political stability, committed leadership etc are leading factors behind China's unprecedented growth and progress.
He said that foundation of transformation of Chinese economy from a closed one to market economy was laid in 1980s when it was realised by the Chinese leadership to open up their markets for economic gains. The leadership in China, he maintained, is keenly aware that it drives its legitimacy from economic performance and spread of opportunity and prosperity among its people.
"One is stunned to see scale of economic strides, China has made over the years. Sustained growth of 9 percent has surpassed previous records in development. Inflation within 2.5 percent, exports US $593 billion, imports US $561 billion, foreign exchange reserves US $600 billion, he added. The former envoy said: "The most significant achievement of China is lifting of around 400 million people out of poverty by putting them on road of prosperity."
He said in last 25 years, China has witnessed most rapid rate of urbanisation as percentage of Chinese living in cities has exceeded the mark of 40 percent.
FUTURE ROLE: On future role of China he observed China is beginning to play a major role in financial markets of the world as along with Japan it is holding billion of dollars of the US treasury bills and providing support to dollars. "Its foreign exchange reserves of around US $600 billion gives it edge to become a large scale importer from investors in energy and raw materials in Asia, Africa and even in Latin America."
Najamul Saqib said that economic growth has stirred nationalism in China and gave impetus to be recognised as pre-eminent power in Asia. At the same time, he observed, rise of China is a peaceful one and its diplomacy is centered on expansion of trade and investment and peaceful settlement of disputes.