On this day…

Good morning and welcome to The Blue Express! As we step into another day, let's take a moment to reflect on some of the significant historical events that occurred on July 23th:

•  1952 - Egyptian Revolution: The Free Officers Movement, led by Muhammad Naguib and Gamal Abdel Nasser, launched a coup d'état, overthrowing King Farouk and marking the beginning of modern Egypt.

• 1967 - Detroit Riots: The Detroit Riots, one of the most violent urban revolts in the United States, began, lasting five days and resulting in significant casualties and property damage.

• 1995 - Discovery of Comet Hale-Bopp: Astronomers Alan Hale and Thomas Bopp independently discovered Comet Hale-Bopp, one of the most widely observed comets of the 20th century.

• 2011 - Norway Attacks: Anders Behring Breivik carried out terrorist attacks in Norway, including a bombing in Oslo and a mass shooting at a youth camp on the island of Utøya, killing 77 people.

WORLD

PAKISTAN

Pakistan Army Targeted by Digital Terrorists: ISPR Chief

• Increase in Anti-Army Propaganda: ISPR Director General Lt Gen Ahmed Sharif Chaudhry highlighted a significant rise in organized anti-army propaganda and misinformation campaigns. He stated that there would be increased interactions and press conferences to counter these false narratives and provide the armed forces' perspective on important issues.

• Operation Azm-e-Istehkam: Lt Gen Chaudhry explained that Operation Azm-e-Istehkam is a comprehensive counter-terrorism campaign aimed at combating terrorism and crime. He criticized the politicization of the operation, noting that it was falsely compared to previous operations like Rah-e-Nijat and Zarb-e-Azb, and stressed that its objectives align with the National Action Plan.

• Terrorism and Crime Nexus: Emphasizing the need to break the link between terrorism and crime, he highlighted various illegal activities such as smuggling and the use of non-custom paid vehicles that fund terrorism. He stated that reducing these illegal activities would improve the economy and enhance national security.

• Digital Terrorism: The ISPR chief stressed the threat posed by "digital terrorists" who spread fake news and propaganda against the army. He called for stronger legal and monitoring measures to counter this digital terrorism, emphasizing that while physical terrorists can be eliminated through operations, digital terrorists must be stopped by law and monitoring.

Lahore Tram Service Approved; Check Routes, Launch Date

• Project Approval: The Punjab government has approved the launch of a tram service in Lahore, initiated by Chief Minister Maryam Nawaz Sharif during her visit to the Lahore Development Authority (LDA) headquarters.

• Project Details: The tram service will span 11 kilometers with 10 stops, each 1 to 1.5 kilometers apart. The project draws inspiration from modern tram models in Finland and China and is estimated to cost Rs27 billion.

• Route Information: The tram will pass through prominent localities such as Main Boulevard from Kalma Chowk, Liberty, Main Market, Mini Market, and Hali Road. MM Alam Road will become a one-way street to accommodate the tram route.

• Special Stop: There will be a special stop within Gaddafi Stadium, offering convenience for sports enthusiasts and event-goers. Ticket prices will be announced post-launch.

Pakistan Police Raid Ex-Prime Minister Imran Khan’s Party HQ

• Raid on PTI Headquarters: Security forces raided the Pakistan Tehreek e-Insaf (PTI) offices of former Prime Minister Imran Khan, a week after the government declared plans to disband the party.

• Detentions: Acting party Chairman Gohar Khan and Information Secretary Rauf Hasan were detained. Gohar Khan was released, while Hasan remains in custody. Hasan recently reported that ten PTI members had disappeared.

• Political Crackdown: The crackdown follows court rulings in PTI's favor, which challenge Prime Minister Shehbaz Sharif’s government. The Supreme Court granted PTI 23 additional seats in parliament, disrupting Sharif's coalition's majority.

• Government's Legal Actions: The government plans to ban PTI and file treason charges against Imran Khan, who remains jailed on charges of inciting protests and graft. The Human Rights Commission of Pakistan criticized the government's actions as damaging to democratic norms.

BUSINESS

PM Shehbaz Directs Energy Ministry to Reduce Power Costs

• Electricity Cost Reduction: Prime Minister Shehbaz Sharif instructed the Ministry of Energy to create a plan to lower electricity costs to stimulate industrial growth.

• Export Targets: Chairing a National Export Development Board meeting, PM Shehbaz highlighted Pakistan's exports surpassing $30 billion and set a goal to double this to $60 billion within five years.

• Business Community Resilience: The PM praised the business community for their contributions despite tough conditions, noting IT exports exceeded $3.2 billion.

• Additional Directives: PM Shehbaz called for immediate resolution of shipping issues to Europe and the US and directed the Federal Board of Revenue to ensure timely refund processing for exporters.

Rs337 Million was the profit reported by Fauji Foods for six months ended 31June, 2024, compared to a loss of Rs 147M last year.

China's Economic Reform Blueprint: Lessons for Pakistan

Deep, structural economic reform is an important and continuous process. In the face of economic headwinds and geopolitical challenges, China understands that well. Pakistan doesn’t.

It was not surprising to see the recent Communist Party of China (CPC) conclave, or the third plenum, set out a blueprint for reforming the country’s economy last week. The adoption of a reform resolution is seen as the "most important outcome" of this highly anticipated four-day meeting. Beijing announced major measures: rebooting growth, tackling hurdles like government debt, a housing slump, and dwindling foreign investment, and building a high-standard socialist market economy by 2035.

This implies Beijing still sees decent economic growth as crucial in the next decade and aims to achieve socialist modernisation to create a fairer and more dynamic market environment. The country should focus on bringing about extensive structural reforms to navigate its current economic and geopolitical challenges with innovation.

Among other initiatives, China will foster “new quality productive forces” — the slogan for its economic strategy of science and technology innovation and industrial upgrading. Over the past four decades, the Third Plenary Sessions of China’s ruling Communist Party have played a critical role in China’s economic miracle. They map out the general direction of the country’s long-term social and economic policies.

Previous meetings jolted the economy by tackling structural issues. The latest gathering aims to re-establish China as “investible” in the eyes of capitalists and steer the country towards “high-quality development” while managing financial imbalances.

The reform tasks outlined in the plenum’s resolution cover various areas, including the economy, democracy, ecological conservation, and national security. These measures are critical in shaping China’s economic development and its global position, addressing long-standing problems, and removing hurdles for continued growth.

Chinese state media quoted Tang Fangyu, deputy head of the CPC Central Committee Policy Research Office, emphasising the need for further reforms to adapt production relations to productive forces, and national governance to social development.

While China’s economy has maintained stable growth despite global downturns, it faces risks from rising economic protectionism and geopolitical tensions. The reform measures are key in tackling these challenges and ensuring China’s continuous high-quality development.

The third plenum reaffirmed China’s commitment to reform and opening up, boosting confidence both at home and abroad. As foreign investors monitor the plenum’s signals, the party promised to expand cooperation with other countries, reassuring foreign businesses and investors.

Pakistan must learn from China’s reform blueprint to navigate its economic and geopolitical challenges, streamline talent, reform the state sector, improve economic governance, and create a conducive environment for private sector-led growth.