Sabena Siddiqi

Reviewing the global impact of 40 years of reforms in China By Sabena Siddiqui 0   Comment(s) Print   E-mail China.org.cn, May 30, 2018 Adjust font size:  Initiated by Deng Xiaoping in 1978, the "opendoor" policy set the country in a new direction by introducing the novel concept of an open market as a vital part of the socialist economy. Cranes load and unload containers at a busy port within the China (Shanghai) Pilot Free Trade Zone. [Photo/Xinhua] Starting with the simple methodology of combining market reforms with government programs, the focus has been on achieving sustainability rather than a high economic growth. The policy was effectively executed and resulted in unprecedented economic achievements. Even though China's success was denied due recognition for a long time, achievements speak louder than words and in particular its success in poverty alleviation has become "one of the greatest stories in human history" in the words of World Ban...

Since pulling the plug on the 2015 nuclear deal with Iran, the US has put the EU, China, Russia, France, Britain and Germany in a quandary regarding why it ended. Showing no clear road-map since then, Trump has his European allies on nail-biting edge while China and Russia have taken the news with some equanimity. Right now, the US is on one side while all the other signatories are trying to resolve the crisis in their own way. Having entered the agreement as sovereign entities, the EU, France, Britain and Germany are trying to salvage the JCPOA and Iran has responded positively by not dumping the deal as yet. Having gained more experience after dealing with North Korea, maybe the US will focus on lasting denuclearization this time. A major indicator is that Washington expects Iran to “want to make a new and lasting deal” with the US, in the words of Trump. ALSO READ:  As Iran licks its wounds post Trump snap, concerns grow further afield in India, Pakistan ...

After establishing its first branch in Karachi, the commercial capital of Pakistan, last November, the Bank of China recently launched a clearing and settlement mechanism of Chinese yuan. Having received clearance from the State Bank of Pakistan (SBP) for denominating foreign-currency transactions, one of the main targets of the Long-Term Plan of the China-Pakistan Economic Corridor for 2017-30 has been achieved. Giving the yuan equal status to the US dollar in Pakistan strengthens the financial bonds between these “all-weather strategic partners.” The daily Report   Must-reads from across Asia - directly to your inbox Up to now, Pakistan’s foreign-exchange regime conducted international trade only in dollars. Working on changing over to bilateral trade in yuan with China, the SBP has been gradually enforcing and organizing the switch-over. Expecting the new mechanism to cut costs greatly and speed up efficiency for yuan transactions and enhance market liquid...

As the annual SCO Summit in the Chinese city of Qingdao edges closer, preparatory  meetings  have been held in Beijing for the defense and foreign ministers of member countries. Originally comprising China, Russia, Kazakhstan, Uzbekistan, Tajikistan and Kyrgyzstan, the Shanghai Cooperation Organization now includes Pakistan and India, which were formalized as members only last year at the summit in Astana. Broadening its scope since the expansion, the content of the documents and decisions reviewed at both the meetings for submission at the SCO Summit in June give a clearer idea as to the future aims and long-term vision of the forum. First of all, a long-term treaty of friendship among neighboring countries has been included along with drafts of five-year plans, such as the SCO Action Plan for 2018-2022, which was approved for implementation of the Treaty for Long-Term Neighborliness. Holding the potential for solving future regional disputes and acrimony, this stipulatio...