Pakistan and China's "all weather" relationship is based upon shared principles and interests that form the foundation of cooperation in diverse fields, Prime Minister Nawaz Sharif said today.
Sharif stated this when he met Bank of China chairman Tian Guoli who called on him here.
"Highlighting China's great support to Pakistan in security, trade and infrastructure development, the Prime Minister said that Pakistan and China have a shared future and China Pakistan Economic Corridor (CPEC) is the largest comprehensive project with any foreign country," according to an official statement.
"CPEC is a fusion of multiple development projects, aimed at the prosperity and well-being of the citizens of the country and the region at large," it quoted Sharif saying.
The prime minister said that Pakistan has a vibrant banking system that has achieved high level of profitability, improved liquidity and strong solvency position.
Sharif said sound capital base, remarkable growth in assets and profitability and compliance with international standards has poised Pakistan's banking sector in a very competitive position in the region for investors.
He said foreign ownership in Pakistan's banking sector has consistently and considerably increased and the government has recently concluded USD 700 million financing agreement with China Development Bank which is the first such interaction with the Chinese banking industry.
Tian lauded the vision of Sharif for putting the country on development path and turning around the economy.
Tian said that CPEC has huge economic benefits for the people of Pakistan and the region.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)