October 27, 2002	Sunday	Sha’aban 20,1423

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ISLAMABAD, Oct 26: Pakistan and China on Saturday discussed the possibilities of further enhancing their economic relations.

The economic cooperation came under discussion at a meeting between Finance Minister Shaukat Aziz and Vice Minister and President of China National Nuclear Corporation of Peoples Republic of China Li Dingfan.

Speaking on the occasion, Shaukat Aziz said that the relations between Pakistan and China were quite deep and would continue to grow in the time to come.

According to an official announcement, the finance minister briefed the visiting Chinese vice minister and his delegation about the economic reforms that had been implemented during the last three years.

He said foreign exchange reserves had substantially improved, currency was now stable, both fiscal and trade deficits were down and the inflation rate was well under control.

The minister also highlighted rapid increase in inflow of investment and economic cooperation between Pakistan and China after the visit of Chinese prime minister last year.

The Chinese vice minister appreciated the economic reforms undertaken by the government and expressed deep satisfaction that Pakistan was now on the path of sustainable recovery and stability.

The finance minister informed the Chinese minister that one of the challenges being faced by Pakistan was high cost of electricity generation for which the government was taking various steps, including a shift towards generation of electricity through hydel, coal and gas and discourage use of furnace oil. In this regard, the government had recently approved a power policy to encourage private sector investment in this field and to privatize distribution network, he added.

Shaukat Aziz also highlighted the successful experience of Chashma Nuclear Power Plant which was established with the help of China and expressed the hope that this cooperation would expand. Pakistan was increasing investment in science and technology as well as higher education.