China's social and economic development prospects with reference to the two ongoing NPC and CPPCC sessions.

Byline: Engr. Qaiser Nawab

China has made remarkable strides in its social and economic development in recent decades, sustaining economic growth. The Belt and Road Initiative (BRI), which began in 2013, is widely regarded as a major factor in China's global economic and geopolitical influence. The China-Pakistan Economic Corridor (CPEC) has been making steady progress and is anticipated to bring Pakistan significant economic benefits. China has consistently maintained an annual growth rate of over 6% since its economic liberalization in the late 1970s, lifting hundreds of millions of people out of poverty. China's economy expanded by 2.3% in 2020 despite the COVID-19 epidemic, making it the only major economy to do so.

However, China's model of economic development has been criticized for its excessive reliance on exports and investment. This model has led to a growing trade surplus and overcapacity in certain industries. To address these challenges, China is focusing on a new development model that prioritizes quality over quantity. The new 'dual circulation' model aims to shift China's economic focus from exports and investment to domestic consumption, innovation and services. The primary components of the dual circulation strategy are internal circulation and external circulation. Internal circulation refers to the domestic market which China aims to expand through initiatives such as increased consumption, infrastructure investment and innovation encouragement. External circulation refers to international trade and investment which China intends to utilize to supplement and support domestic development. In the coming years, China's economic growth is anticipated to be fueled by this new development model. It is also anticipated to assist China in addressing some of its structural economic imbalances such as regional disparity and income inequality. China must continue to implement policies that promote innovation, sustainable development and social welfare in order to reach these objectives.

The Belt and Road Initiative (BRI) is a crucial component of China's strategy for external circulation. The BRI is a massive infrastructure and investment project that was launched to connect Asia, Europe and Africa. The project entails the construction of a network of roads, railroads, ports and other infrastructure projects in nations along the BRI route. In addition to its domestic economic objectives, China seeks to promote economic cooperation...