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This was stated by Foreign Minister Shah Mahmood Qureshi and Advisor on Finance Shaukat Tareen at a joint news conference here Saturday.
The Foreign Minister said during President Asif Ali Zardaris visit, Chinese leadership have assured their complete support to overcome economic challenges being faced by Pakistan and filling the resource gap.
He said Pakistan and China have also agreed to broaden their economic relations besides political and strategic ties.
He said so far Chinese companies including China Mobile have pledged one billion dollars investment in Pakistan.
He said Chinese companies have also shown keen interest to invest in eleven billion dollar Bhasha Dam project and one point two seven billion dollar Neelum-Jhelum hydel power project.
Mr. Qureshi described the Presidents visit to China as very successful as we have achieved all the objectives set for the visit.
He said twelve MOUs and agreements have been signed during the visit. Under the ongoing civil nuclear cooperation, agreement on Chashma-III and Chashma-IV was also signed which will generate 680 MW of electricity and help overcome Pakistans energy crisis.
He said it was also decided that Pakistan and China will launch PAKSAT-I satellite. The other important agreements include scientific collaboration and technical cooperation in the field of agriculture and mineral sector development.
He said the two countries will increase their bilateral trade to fifteen billion dollars by 2011 and make efforts to correct the balance of trade between the two countries. For this purpose Pakistan has offered China to set up Economic zones in Pakistan.
The Foreign Minister said it was decided that President Asif Ali Zardari will visit China every three months to promote economic integration between the two countries. It will also envisages optimal utilization of economic opportunities, enhance the connectivity and promote trans-regional economic project cooperation.
He said an inter-Ministerial Committee will be formed under the chairmanship of President Asif Ali Zardari.
The Committee will hold meeting every month to implement the MOUs and agreements signed between the two countries and remove hurdles in this regard.
He said Chinese Ambassador to Pakistan will also attend the Committee meetings.
He said heads of Chinese financial institutions and banks will visit Pakistan to assess our economic needs and to develop institutional economic linkages between Pakistan and China.
Advisor on Finance Shaukat Tareen Pakistan wants to engage China from the economic perspectives and they have achieved this objective during Presidents visit to China.
He said they have also offered China to invest in steel, cement, manufacturing and services and financial sectors.
He said during his visit to the United States, he discussed the governments economic plan with the heads of World Bank, ADB, IDB and other financial institutions.
He said they have appreciated the plan and assured financial help to execute the plan. He said there is also a positive response from the Friends of Pakistan forum.
To a question, he said, discussions are going on with IMF and if the Institution approves our plan, Pakistan can also go to IMF for financial help.
Turning to priorities of government to overcome economic crisis, Shaukat Tareen said we have to stand on our own feet and for this purpose there is need to address the macro-economic indicators and reduce fiscal deficit and curtail unnecessary government spendings.
He said tax collection will be improved and tax to GDP ratio will be increased from nine percent to fifteen percent. He said we have to show flexibility in exchange rate.
Mr. Tareen said as a safety net financial assistance is being provided to needy people under Benazir Income Support Programme. He said the programme will soon be expanded to seven million deserving people.
He said one person from every household will be given skill training and medical insurance scheme will be launched for these people.
He said public works will be expanded to provide jobs at Union council level. He said agriculture and manufacture sector will be consolidated to enhance productivity in industrial and agriculture sectors.
He said more resources will be allocated for improvement of education, health and skill development. He said exchange market will be made relevant to economy.
He expressed the hope that economic problems will be resolved within twenty-four months and we will stand on our feet.
He said Pakistan have enough resources to weather this crisis. He said a mid-term economic plan will be ready in six to eight weeks.
To a question, he expressed the confidence that exchange rate will be stable at realistic level as a result of measures being taken by the Government.
Answering a question, the Foreign Minister said Pakistan and Iran have agreed to accelerate the process on IPI project. He said China can also play role in this project.
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