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Pak, China economic ties

Pak, China economic ties

Some top economists and social scientists have projected fasts economic growth in China, predicting that China will overtake the United States as the world’s leading economy by 2025. The United States has been reigning as undisputed economic power for the last over a century but its dominance is drawing to a close keeping in view the pace of development in China. Noted economists have also predicted that China is shaping as the new world economic leader due to its increasing economic growth, ever-expanding cultural influence, and its quest to involve regional economies in trade, business and investment.

China has been slowly heading toward road of development for the last half a century and has acquired a dramatic rise both in its gross domestic products and stock exchange, definitely showing that the Asian nation is outperforming various global economies in business and trade. Though many economists doubt the myth of the fastest Chinese growth, yuan continues to gaining stronger against the US dollar and more and more people worldwide will be looking to China, not America in coming years. Many prominent scholars look the answer of the China’s economic dominance in the history, claiming that the United States’ gradual fall from the upper echelon of economic superpower is part of an inevitable pattern seen time and again throughout the history of mankind. All the great nations eventually watch a day that comes when their dominance slips away from their hands. Earlier, the Great Britain was the world’s dominant power for three centuries and now it has been cut short to an island.

Pakistan and China are close friends and a close cooperation between the two countries will definitely shed positive impact on the economy of the country but also in the region. Pakistan is a nuclear power with advanced defense technology and its economy is also growing at a fast rate. A great responsibility lies on the shoulders of the leadership in Islamabad is that it will have to keep a balance between its political relations with the United States and economic relations with China.

A point to ponder for world leaders: The fast industrialization has raised pollution at an alarming level in China and has a slightest lead on the United States in least giving importance to the climate change. Industrial development should not take away life and health of the people around the world. This is a serious issue and coordination among the countries on the subject is indispensable.