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China says will provide economic aid to Pakistan but more talks needed

China says will provide economic aid to Pakistan but more talks needed

They have their high points, they have their low points. "We made it clear many times", he said. "Pakistan has always been regarded as a foreign policy priority by China".

To facilitate this process, the two countries discussed methods to establish a committee to encourage youth exchange programs and ensure cooperation in the area.

Khan responded by saying that CPEC had evolved from the concept stage to showing tangible results "on the ground" that have "caught the imagination of the people of Pakistan. It gives us an opportunity to raise our standard of living (and) growth rate", Khan said. "You will see the difference because a lot has happened since 2013". Malaysian Prime Minister Mahathir Mohamad halted a few Chinese projects after coming to power this year, while Myanmar's Planning and Finance Minister Soe Win told Nikkei in July that his government would demand that plans for a new port be "slimmed down".

Khan's party, Pakistan Tehreek-e-Insaf, had promised to review the China Pakistan Economic Corridor (CPEC) from the viewpoint of financial arrangements and location of projects.

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China's Premier Li Keqiang and his Pakistani counterpart Imran Khan signed 15 agreements and memorandums of understanding in the Great Hall of the People in the Chinese capital, pledging stronger cooperation in fields such as poverty alleviation, agriculture, industry and science.

Pakistan has taken out billions of dollars in loans from China in recent years.

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Pakistan is now hoping to secure help from the International Monetary Fund (IMF) to avert the crisis in what would be the nation's 13th rescue package from the lender in 30 years.

Pakistan media reports said Friday that Beijing will provide $6 billion in aid to Islamabad which included a loan of $1.5 billion along with an additional package of $3 billion for the CPEC.

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"We need foreign investments more than ever before, because we have a current account deficit", the Pakistani premier said, a day after he invited Chinese businessmen to explore Pakistan's vast investment potential.

Pakistan is now battling serious economic crisis including balance of payments.

The statement said the two countries had decided to "make full use of the China-Pakistan Defence and Security Consultation mechanism, deepen cooperation in areas such as military exercises, training cooperation, personnel exchanges, and equipment and technology cooperation".

"You can't have a society with a small number of rich people and a sea of poor people", he said, adding that this inequality is stopping people from progressing. "If there is going to be any, it will be increased going forward", Kong said replying to a question. "The economic corridor project will certainly boost the local economy of Pakistan as it will create new jobs and inject cash into local communities", Cheng said. But CPEC would be altered to include more industrial plans, particularly the creation of industrial parks, and more joint venture projects.

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"CPEC is a blessing for Pakistan, it's very important for the country, it's an opportunity to attract investments", he said.