After the Pakistan Prime Minister Imran Khan’s visit to Beijing, China is assured that imports from Pakistan will significantly increase in 2019.
In the visit of PM to China, the leaders of both countries decided to work on new dimensions to enhance bilateral trade and boost the economic sector. Thus in this sense, the visit was highly productive. Anticipations are high that in 2019 theinteraction between the business communities of both the nations will enhance. Furthermore the fact that Pakistan and China have agreed to trade in Pak rupee and Yuan is quite encouraging. It will reduce Pakistan’s high dependence on USdollar.
The State Bank of Pakistan (SBP) and People’s Bank of China(PBOC) currency swap agreement has been extended for a time period of 3 years. It will be helpful for the Pakistani traders to sell their goods and products in China.
The spokesperson Gao Feng said, “As the country continues to push forward with supply-side structural reform, the structure of China’s exports and imports will be further optimized, while the growth potential of imports will be boosted. Although external uncertainties such as protectionism and unilateralism will add challenges to trade growth next year, the trend towards economic globalization remains unchanged, and demand from major markets continues to expand.”
Adding, “The trade data reveals that the diversification of the country’s trade market has accelerated, and so fluctuations in certain markets will have a limited impact on the country’s broad growth in trade. And China’s import demand continues toincrease. Next year, the country’s foreign trade growth will have a strong underpinning, and will step up to high-quality growth.”
Furthermore stating, “We will keep a close eye on the foreign trade situation. As for the uncertainty and unstable factors in international affairs, and the difficulties that domestic enterprises may face, we will keep streamlining administration, delegating powers, and optimizing services.”