While giving a review of Sino-Pak co-operation in various sectors, official sources told newsmen in Beijing on Friday their economic interaction continued to grow over the years with a renewed commitment of their leadership, bringing it to still a higher level, meeting the aspirations of their people.
The sources said the projects worth millions of dollars would push forward their mutually beneficial co-operation for a "Win-win" situation. "We are also expecting a new boom in their trade ties, since they have decided to enter into the Free Trade Agreement (FTA) and expand the preferential tariff list to facilitate their businessmen," they added.
So far more than 40 Chinese companies are engaged in contracted or joint venture projects in Pakistan, while nearly 100 companies have business contacts and engagements with the Pakistani companies. At present, China's investment in Pakistan stands around US four billion dollars.
Highlighting China's growing interest in the economic development of Pakistan, the sources said they signed seven agreements that month in trade, communications and energy sectors.
They also worked out a general framework for greater economic co-operation that relates to utilisation of US 500 million dollars preferential buyers' credit. Under the accord, loans would be extended to Chinese companies for setting up projects in Pakistan.
The two countries also exchanged letters for the utilisation of US 150 million dollars from the preferential buyers' credit for the Chashma-II project.
To boost their future co-operation, Prime Minister Shaukat Aziz during recent talks with his Chinese counterpart suggested the setting up of a joint infrastructure development fund with equal contributions from Pakistan and China.
The Prime Minister promised to set up a Chinese industrial zone in Pakistan, which would give China an easier access to markets in Africa and the Middle East. He accorded the market economy status to China.
To promote bilateral exchanges at youth level, it was agreed that China would send 100 students to Pakistan. Similarly 30 students from Pakistan would come to China on scholarship.
The Chinese side attached high importance to the upcoming visit of Premier Wen Jiabao to Pakistan. The visit is likely to take place in month of March or April. The exact date of the visit is being worked out through the diplomatic channels.
The sources hoped that the visit would open new avenues of bilateral co-operation. He is also expected to inaugurate Thar coal power project.
Meanwhile, Zhou Xie, an official of the Chinese Commerce Ministry said in an interview that China's entry into World Trade Organisation (WTO) had opened new opportunities for improving Sino-Pak economic ties.
"We will welcome Pakistani businessmen to set up their business outlets in the Chinese market," he said, suggesting Pakistani major trading and business companies should set their representatives offices in China to explore new openings for undertaking joint ventures.
The official explained that the WTO had reduced the government's role in developing foreign trade and economic relations. Now, it was up to the private sector come forward reinforcing economic ties on country-to-country level, he added.