Pakistan Needs Shenzhen-Style Reforms to Unlock Full Potential of CPEC: Mian Kashif Ashfaq

*LAHORE, October 11:* Chief Executive Officer of the Pakistan Furniture Council (PFC), Mian Kashif Ashfaq, Tamgha-i-Imtiaz, on Sunday stressed the need for Shenzhen-style reforms in Pakistan to unlock the wider benefits of the China-Pakistan Economic Corridor (CPEC) and accelerate industrial development.

Chairing a meeting of the PFC Board of Directors here, he said CPEC had reshaped the dynamics of economic cooperation and offered significant opportunities not only to revive Pakistan’s economy but also to put the country on a path towards sustainable development.

He said the successful implementation of the first phase had demonstrated CPEC’s potential, while the programme had now entered its second phase, focusing on industrial, agricultural, technological and scientific cooperation. These sectors, he added, could play a pivotal role in transforming Pakistan’s economy.

Mian Kashif Ashfaq said Pakistan needed to take practical measures to fully benefit from this cooperation, particularly by accelerating the establishment of Special Economic Zones (SEZs) to speed up industrialisation.

He said the development of these zones could help generate financial resources to address the growing public debt while creating hundreds of thousands of employment opportunities and helping tackle youth unemployment and poverty.

Referring to China’s Shenzhen model, he said the city had introduced several innovative practices, including a system for granting government approvals within 24 hours. The process was streamlined through the introduction and strengthening of a one-window model, under which multiple services were provided at a single location.

He said Shenzhen had also pioneered contractual employment arrangements, marking a significant shift in labour practices. Despite China’s emphasis on job security under its socialist system, these reforms had helped make Shenzhen more attractive to foreign investors.

Mian Kashif Ashfaq said the authorities in Shenzhen’s economic zones provided investors with essential utility services, including electricity and water, while also facilitating them in tax-related matters.

He added that the zones had developed state-of-the-art infrastructure and mechanisms to facilitate international trade, particularly imports and exports.

He stressed that Pakistan should adopt the Shenzhen model in letter and spirit to improve the investment climate, accelerate industrialisation, create employment opportunities and maximise the benefits of the second phase of CPEC.