China’s Policymakers Lauds Pakistan’s Macroeconomic Stability

BEIJING, July 26 – On Friday, China’s Policymakers lauds Pakistan’s Macroeconomic Stability as Federal Ministers Muhammad Aurangzeb and Sardar Awais Leghari met Chinese officials in Beijing.

Finance and Revenue Minister Muhammad Aurangzeb and Power Minister Sardar Awais Ahmad Khan Leghari met with Pan Gongsheng, Governor of the People’s Bank of China (PBoC), and Ren Jingong, Vice Administrator of the National Energy Administration (NEA). They were accompanied by Ambassador Khalil Hashmi and embassy officials.

Chinese policymakers have praised Pakistan’s macro-economic stability and the recent staff-level agreement with the IMF.

In meetings with top officials from Chinese institutions in Beijing, Finance Minister Muhammad Aurangzeb and Minister for Power Sardar Awais Ahmad Khan Leghari detailed the government’s reform agenda and its collaboration with the IMF.

The discussions highlighted Pakistan’s notable progress in enhancing its macroeconomic indicators through targeted reforms in taxation, energy, and the privatization of state-owned enterprises.

The focus also included the stabilization of the exchange rate and the strengthening of foreign exchange reserves as crucial elements of the economic improvement. There was agreement that these reforms are essential for long-term stability and sustainable economic growth.

The Governor’s acknowledgment of Pakistan’s policy measures underscores the global recognition of the importance of economic resilience and effective fiscal management.

The Ministers praised President Xi Jinping’s Belt and Road Initiative (BRI) and highlighted the successes of the first phase of the China-Pakistan Economic Corridor (CPEC), a key BRI project that enhanced infrastructure in energy, transport, and other sectors. They emphasized that the next phase of CPEC will concentrate on boosting business-to-business (B2B) cooperation, with the private sector taking a central role in driving development and economic growth.

These reforms are already yielding results, notably reducing inflation from 38 percent to 13 percent.

The Ministers also met Executive Vice President of China Development Bank (CDB), President of National Association of Financial Market Institutional Investors (NAFMII), Chairperson of Silk Road Fund (SRF), Chairman of China International Capital Corporation (CICC).

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