中文
Urdu
1. CPEC should be considered in the large context of (a) the Chinese development model that has brought about an economic miracle, (b) the Belt and Road Initiative, and (c) China’s stellar comparative advantage in infrastructure construction.
2. China’s development model that has lifted more than 700 million people out of poverty in a short period of twenty-five years has bewildered the whole world, particularly development scholars, and practitioners. The progress achieved in less than a generation in transforming from a poor country with per capita income of $300 to become the second largest economy in the world, and top exporting nation in the globe has puzzled almost everyone. How was it able to achieve this rapid and successful transformation? It seems that China has found a mid-way ground by combining an efficient market mechanism, with an effective and functioning government to accelerate economic growth and significantly reduce poverty. By combining the visible hand of the government with the invisible hand of the market, it has struck an equilibrium in which the asset holders favored by the market create wealth and jobs, while the government, by providing infrastructure and social services, helps in redistributing the gains of growth among those who are unable to derive any benefits from the market mechanism.
Author Information:
Dr. Ishrat Husain
Advisor for Institutional Reforms and Austerity of Pakistan
Former Governor State Bank of Pakistan
Former Director & Dean of IBA Karachi
