Washington DC: Federal Minister for Finance and Revenue, Mr. Muhammad Aurangzeb, recently held a meeting with China’s Vice Minister of Finance, Mr. Liao Min, where they reaffirmed the strong strategic partnership between Pakistan and China and discussed several new economic initiatives.

According to Press Information Department, the meeting covered a range of topics aimed at deepening economic cooperation between the two nations. Mr. Aurangzeb expressed gratitude towards the Chinese government for its consistent support in Pakistan’s socio-economic sectors and for facilitating the acquisition of the IMF’s Extended Fund Facility. He highlighted Pakistan’s keen interest in adopting economic reform measures inspired by China’s experiences.

The discussion also included the introduction of BYD electric vehicles in Pakistan, signaling a move towards green technology. Furthermore, the Pakistani government plans to issue its first Panda bond in the Chinese market, aiming to diversify its financing options. Mr. Aurangzeb reassured the safety of Chinese workers in Pakistan and noted the enthusiasm of Chinese companies to expand investment and create more jobs in the country.

Both officials agreed on the importance of enhancing financial cooperation, proposing an increase in the Currency Swap Agreement limit to CNY 40 billion and stressing the integration of the two countries’ online payment systems to facilitate economic transactions.