Senator Muhammad Aurangzeb, Federal Minister for Finance & Revenue, and Sardar Awais Ahmad Khan Leghari , Minister for Energy (Power Division) held a bilateral meeting with Chinese Minister of Finance Lan Fo’an in Beijing. The Ministers briefed the Chinese Minister on the Government’s efforts to introduce tax and energy reforms in the system. Both sides exchanged views to strengthen bilateral economic cooperation including boosting financial and banking cooperation. The Ministers held a bilateral meeting with the President of SINOSURE Mr. Sheng Hetai in Beijing. The Ministers briefed the President on the Government’s efforts in economic recovery and growth, energy, and taxation sectors. Both sides also exchanged views to strengthen bilateral economic cooperation especially financial and banking cooperation. The two sides also discussed expanding CPEC and the role of the private sector, as it transitions to the next phase of its implementation.
China and Pakistan share a unique and enduring friendship that has withstood the test of time. From the early days of Pakistan’s independence to the present, the two nations have consistently stood side by side, supporting each other through difficult moments and celebrating each other’s successes. This bond is not just a strategic alliance but a deep-rooted partnership built on mutual respect, trust, and shared aspirations.
Historically, China has been a steadfast ally, extending economic assistance to Pakistan during times of need. One notable example is the China-Pakistan Economic Corridor (CPEC), a flagship project under China’s Belt and Road Initiative (BRI). CPEC has been a game-changer for Pakistan, bringing in investments worth over $60 billion. This massive infusion of capital has not only upgraded Pakistan’s infrastructure but also created thousands of jobs, spurring economic growth in key sectors such as energy, transportation, and telecommunications.
Today, Pakistan faces one of the worst economic crises in its history. Inflation is soaring, the currency is depreciating, and the fiscal deficit is widening. The situation is dire, and the government is taking urgent measures to stabilize the economy. In this context, the visit of Pakistan’s Minister to China holds significant importance. The objective is to update Chinese counterparts on the steps Pakistan has undertaken to address these challenges and to seek further support, assistance, and advice from its time-tested friend.
China has a proven track record of extending a helping hand to Pakistan. In recent years, Beijing has provided critical financial support, including a $2 billion loan in 2019 to help Pakistan shore up its foreign exchange reserves. Additionally, China has been instrumental in supporting Pakistan’s development initiatives, from infrastructure projects to technological advancements. Chinese investments have helped build Gwadar Port, modernize road networks, and enhance Pakistan’s energy capacity, addressing some of the country’s most pressing needs.
As the Minister engages with Chinese officials, there is optimism and a strong expectation that China will once again demonstrate its generosity and understanding. The relationship between China and Pakistan is not just transactional; it is a partnership grounded in a shared vision for progress and prosperity. China’s support is crucial for Pakistan’s economic revival, and there is hope that Beijing will provide the necessary assistance to help Pakistan navigate through these turbulent times.
Moreover, China and Pakistan have always supported each other on the international stage. Whether it’s in the United Nations or other global forums, both countries have consistently advocated for each other’s interests. This diplomatic solidarity further strengthens the bilateral relationship, ensuring that the voices of both nations are heard and respected in the global arena.
In conclusion, the historic friendship between China and Pakistan is a beacon of hope in challenging times. As Pakistan navigates through its economic crisis, the support and assistance from China are not just expected but are seen as a reaffirmation of the deep bond that the two nations share. The Minister’s visit to China is a step towards reinforcing this partnership, and there is confidence that China’s generosity and wisdom will help Pakistan overcome its current difficulties. Together, China and Pakistan will continue to stand strong, united in their quest for mutual development and prosperity.