The Prime Minister of Pakistan Mr. Nawaz Sharif made his first official tour to China. A number of MOU’s were signed between the two countries. After this tour, it looks as if Sino-Pak relations are going to touch a new peak. The Government of Pakistan has shown keen interests in the development of energy and transportation system in Pakistan with the help of China. It’s all sounds good but Pakistan needs to bring some important changes in its basic economic structure, so that the fruits of partnership with China can be achieved easily and early. In this context, Pakistan needs to align its economic policies with new global development model.

West’s trade liberalisation and financial deregulation systems have failed to deliver. China has used infrastructure and industrial policies under regulated trade and financial markets to transform its economy in last 30 years, and brought more than 600 million people out of poverty. Western policies, on the other hand have led to financial crises, slower growth, growing poverty, poor healthcare and education. Central Bank of China is lending more than World Bank for its policies without imposing conditions like ‘liberalization and fiscal austerity’. If Chinese banks manage to incorporate environmental and social safeguards in their overseas operations it can boost process of development in Pakistan.

HASSAM WAHEED,

Lahore, July 17.