ISLAMABAD, April 6: Finance Minister Shaukat Aziz here on Tuesday urged China to avail itself of the investment opportunities in the industrial and financial sectors of Pakistan for mutual benefit.

The two countries "need to move in a direction where we win together," he said while speaking at the inaugural session of a 2-day conference, organised jointly by the Institute of Policy Studies (IPS) and the Chinese Association for International Understanding (CAFIU).

The minister paid tributes to the Chinese leadership for having transformed their country's economy through policies based on long-term vision and persistence of national interest. He said said there was a lesson in this for Pakistan and other countries.

As a result of these policies, he said, China had today emerged as the second largest economy after the United States. By continuing to grow at the annual rate of 6 to 7 per cent and in view of the US rate of economic growth at 3 per cent, China will become the world's largest economy by 2022, he said.

He attributed China's success to its policy of attracting foreign direct investment, check on diaspora and a series of reforms in industrial and agricultural sectors.

Referring to the multi-dimensional relations between Pakistan and China, Mr Aziz said as many as 22 MoUs were signed during his recent visit to China. He acknowledged Beijing's help in turning Gwadar project into a palpable reality.

The Gwadar Port and the road from Karachi to Gwadar will be ready by the end of this year. Likewise, the road from Gwadar to the north, linking it with Afghanistan and Central Asia, too, will be completed before long, the minister said.

He said all the contracts for the upgradation of railways in Pakistan had been awarded to Chinese companies. The finance minister, however, observed that the ties between the two countries needed to be extended in the financial and banking sectors. At present, he said, there was no Chinese bank in Pakistan and vice versa.

He said after the forthcoming visit of the Chinese prime minister, the objective of producing electricity from Thar coal reserves would also materialize. Aziz appreciated the efforts to develop people to people contacts which, he added, were essential to make the government-level sustainable.

Earlier, IPS chairman Senator Prof Khurshid Ahmed, in his keynote speech, said at the roots of China's success, were its policies of self-reliance, non-interference and commitment, and trustworthiness.

He said China had a 'unique record' of supporting Pakistan. During the 1965 war, it had assured Pakistan that "we are with you", he said and asked China "tell us how far you are prepared to go".

Similarly, "China kept us informed of all the developments during the restoration of relations with India," Prof Ahmed recalled. China, he further said, was not just an emerging global power, but also a "countervailing power" against the "negative trends and strong-arm tactics of the now sole superpower".

Other speakers during the first day of the conference were Institute of Strategic Studies director-general Dr Shireen Mazari, former ambassador Maqbool Bhatti, Research Fellow at CAFIU Xu Youngquan, and Mr Fasihuddin, former chief economist, Planning Commission. The Wednesday programme will cover the educational and cultural dimensions of Pakistan-China relations.