The Pakistani Information Minister expressed enthusiasm for Chinese Premier Li Qiang's upcoming visit, highlighting the enduring friendship between the two nations and the importance of ongoing cooperation projects between China and Pakistan.
In an exclusive interview with China Global Television Network on Sunday in Islamabad, Pakistan's Federal Minister of Information and Broadcasting, Attaullah Tarar, warmly welcomed Chinese Premier Li Qiang, who has been invited by Prime Minister Muhammad Shehbaz Sharif to attend the 23rd Meeting of the Council of Heads of Government of Member States of the Shanghai Cooperation Organization and pay an official visit to Pakistan from from Monday to Thursday.
Recalling the last visit by former Premier Li Keqiang in 2013, Tarar emphasized the long-standing relationship between China and Pakistan.
"First of all, we are very excited to welcome the Chinese premier after eleven years in Pakistan, and Premier, His Excellency Li Qiang is a great friend of Pakistan, and under the visionary leadership of President Xi Jinping, Pak-China relations have been strengthened. This is a bond that we share, and we call ourselves iron brothers, and it's a time-tested friendship," he said.
The minister highlighted the importance of the projects on the agenda during Prime Minister Sharif's visit to China in June.
"I think it is very heartening that a lot of projects had been discussed during our prime minister's visit to Beijing. We discussed the ML-1, we discussed the Gwadar International Airport, and a lot of projects were discussed," he noted, referring to the ML-1 or the Main Line-1, a railway project under the China-Pakistan Economic Corridor (CPEC), and the China-aided New Gwadar International Airport, which started flight tests in June.
Tarar expressed hope that the visit would lead to tangible outcomes for these initiatives.
"I think this time around when the Chinese premier is here, I hope and pray that these projects are taken forward and turned into something tangible, so we're looking forward to that. We're doing a lot of work regarding that, and we believe that the ML-1 and the Gwadar International Airport are extremely important for Pakistan to improve Pakistan's connectivity, for Pakistan's trade route, and for CPEC. So we're looking forward to working further on these projects," said Tarar.
Pakistani information minister hopes for tangible results during Chinese Premier's visit
Pakistani Information Minister looks to Chinese Premier’s visit for tangible results
Since the beginning of this year, China's financial sector has further improved financing services for small and micro enterprises, particularly by addressing financing blockages for micro, small, and medium enterprises (MSMEs), amidst the country's strengthened support for businesses in recent years.
The China Banking and Insurance Regulatory Commission recently issued a document addressing the blockages in the financing process of MSMEs.
According to the document, the range of entities eligible for liability exemption upon fulfilling due diligence has been broadened to cover loans in key areas such as small and micro enterprises, self-employed individuals, owners of small and micro enterprises, and farmers. This move aims to effectively reduce the burden on grassroots credit personnel and address their concerns regarding lending.
Meanwhile, the scope of renewal has been broadened from certain small and micro enterprises to include all small and micro enterprises.
It is specified that small and micro enterprises with working capital loans and owners of small and micro enterprises, self-employed individuals, and farmers who continue to require financing after the loan terms can seek renewal support from banks.
To enhance support for small and micro enterprises, coordination among different national departments, as well as between national ministries and local governments, is growing increasingly tight.
The China Banking and Insurance Regulatory Commission and the National Development and Reform Commission have established a coordination mechanism to bolster financing for small and micro enterprises.
For instance, special teams have been set up at the county and district levels throughout China to comprehensively assess the financing needs of small and micro enterprises.
For small and micro enterprises with genuine financing needs and good credit standing, banks are required to complete credit approvals within one month in principle, guaranteeing direct access to credit funds for these enterprises.
As of the end of August this year, the balance of inclusive loans to small and micro enterprises nationwide reached 31.9 trillion yuan (around 4.5 trillion U.S. dollars), doubling that at the end of 2017, with the average interest rate decreasing by a cumulative 3.5 percentage points.
By the end of September, the six major commercial banks - Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Bank of China (BOC), China Construction Bank (CCB), Bank of Communications (BCM), and Postal Savings Bank of China (PSBC) - have collectively extended over 2.2 trillion yuan (around 310.9 billion U.S. dollars) in newly added inclusive loans to small and micro enterprises this year.
China's financial sector further removes MSMEs' financing blockages in 2024
