China Happy With Pakistan’s Economy
China has welcomed Pakistan’s improving economic position and renewed access to international financial markets as both countries discussed expanding financial … Read More The post China Happy With Pakistan’s Economy appeared first on ProPakistani .
China expresses satisfaction with Pakistan's improving economic standing and re-established access to global financial markets, as the two nations conversed about strengthening financial ties, introducing fresh Panda Bond issuances, and pursuing regional development projects. During a gathering held in Bangkok, Thailand, Chinese Finance Minister Lan Fo'an held a meeting with Pakistan's Finance Minister Muhammad Aurangzeb, who pointed out Pakistan's strides towards macroeconomic stability and expressed gratitude for China's persistent backing during trying economic times.
Both ministers examined Pakistan's inaugural Panda Bond issuance, which drew significant investor interest and boasted a competitive interest rate of 2.5 percent, with assistance from the Asian Infrastructure Investment Bank (AIIB). Aurangzeb affirmed Pakistan's intention to persist as a proactive issuer in China's capital market.
The conversation also encompassed prospects for additional Panda Bond issuances under the endorsed RMB 7.2 billion scheme, sustained AIIB aid, and Pakistan's return to the Eurobond market after a four-year hiatus. Additionally, they explored regional financial collaboration under the Shanghai Cooperation Organisation (SCO), with Pakistan set to host the forthcoming SCO summit and the preceding SCO finance ministers meeting in Islamabad.
Lan Fo'an announced his intention to attend the ministerial assembly. The ministers deliberated on creating an SCO Development Bank to bolster regional financial collaboration, with China requesting Pakistan's active involvement and cooperation in formulating consensus on the proposed entity. Aurangzeb reiterated Pakistan's backing for advancing the proposal.
Infrastructure cooperation was another subject, with Lan mentioning progress on an agreement for modifications to a China-Pakistan highway project, while Aurangzeb provided his Chinese counterpart with an update on Pakistan's involvement with Alibaba, aimed at fostering digital transformation and AI skills training. He reiterated the government's dedication to implementing the cooperation framework.
Written by urgent.news from ProPakistani's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
