![]() ![]() "The push for modernization proposed and promoted by China provides a new choice and demonstrates that another world is necessary and possible. Rousseff said that more recently, financial neo-liberalism has implied a brutal process of concentration of income and wealth in the hands of a few, and once again, millions of people have been left behind. Over the centuries, a false modernization was imposed on us, which initially took the form of colonialism, with its killings of the indigenous population, slavery and predatory extractivism." They said China's modernization not only matters to the well-being of the Chinese people, but also creates a new model for human advancement.ĭilma Rousseff, president of the New Development Bank, said: "As a former president of Brazil, I am fully aware of what different patterns of modernization can mean for the peoples of the Global South. Xi's comments were echoed by political leaders, business executives and think tank researchers from nearly 80 countries taking part in the forum. It will also give new impetus to humanity's search for paths toward modernization and better social systems. In a congratulatory message sent to the Lanting Forum on Chinese Modernization and the World, held in Shanghai on April 21, President Xi Jinping assured the world that China will provide new opportunities for global development with new accomplishments in Chinese modernization. Neither will it seek hegemony or expansion. More important, the CPC pledged that Chinese modernization will lay a path for peaceful development, and that China will not achieve modernization through colonization or invasion. Rather, it is about effectively maintaining a higher degree of social equity, providing 1.4 billion people with a prosperous and dignified life, and promoting harmony between humankind and nature. The Party views Chinese modernization as not being solely related to achieving material wealth or a higher level of efficiency than that offered by the capitalist system. ![]() The Communist Party of China laid out the central task of advancing national rejuvenation through a Chinese path toward modernization at its 20th National Congress in October. ().Shanghai forum participants salute new model for human advancementĪs China strives to advance its modernization, international attention is focusing on how the nation will fulfill its ambition to become a modern socialist country by the middle of this century and how that process will affect the rest of the world. Meanwhile, the government’s allocations for the education sector grew by 14.7% to EGP 151 billion and by 10.5% for the health sector to reach EGP 93 billion.Ĭopyright © 2022 Arab Finance Brokerage Company All rights reserved. In addition, the amounts allocated for purchasing goods and services during the July-March period rose 28.3% YoY, while allocations for food subsidies increased by 47.8%. The report revealed that the government investments funded by the state’s public treasury surged in the nine-month period by 40% year on year (YoY), reaching around EGP 161 billion. Moreover, the primary surplus of the budget for the period from July 2022 to March 2023 amounted to EGP 50 billion, or 0.51% of GDP, versus a primary surplus of EGP 32 billion during the same period of the previous FY. Preliminary indicators for the first nine months of FY 2022/2023 showed a budget deficit of 5.5% of the country’s GDP, resulting from the devaluation of the Egyptian pound against the US dollar, along with the significant increase in interest rates locally and globally. Egypt’s real gross domestic product (GDP) is predicted to hit 4.2% in the current fiscal year (FY) 2022/2023, compared to a growth rate of 6.6% in the previous FY, according to the Ministry of Finance’s draft budget report.
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