China-Pakistan Economic Cooperation Forum was held in Beijing on July 9. Pakistan President Zardari delivered a keynote speech at the forum. Chinese Commerce Minister Chen Deming and Pakistan State Minister for Finance and Economic Affairs Hina were present and delivered speeches.

Minister Chen stated in his speech that China-Pakistan trade and economic cooperation kept steady development in recent years. In the first 5 months of 2010, bilateral trade overcame negative impact by the financial crisis and realized the rapid growth to US$3.3 billion, up by 31% year on year. China’s import from Pakistan rose by 72%, far higher than its export growth, which was beneficial for the balanced development of bilateral trade. Now, Pakistan is the 2nd largest trading partner of China in South Asia while China is the 4th trading partner, 2nd import market and 7th export market of Pakistan. Apart from the steady development of the infrastructure cooperation, China’s investment in Pakistan made a breakthrough and extended to the sectors of telecommunications and finance from resource development, home appliances and motorcycles.

Chen said that there still was great development potential in China-Pakistan trade and economic cooperation. Given the huge market with a population of 1.5 billion, the two countries are strong complementarity in economy. China is willing to take full advantage of constant expansion in mutual cooperation and deepen the cooperation with Pakistan. Minister Chen put forward two suggestions: firstly, develop new approaches, foster new growth points and expand bilateral trade, especially, bring the FTA into full play, so as to realize the double growth in bilateral trade. In other words, the two countries strive to realize bilateral trade value of US$15 billion in 2015. Secondly, take advantage of bilateral cooperation mechanisms including Trade and Economic Joint Committee and Five-Year Development Plan to enhance and improve the planning and order of the mutual cooperation, expand cooperation sectors and improve the mutual cooperation.

Zardari stated that Pakistan sincerely appreciated Chinese support and help for Pakistan people in the long time. Given the trade and economic cooperation framework established by the two countries, he hoped that the two countries could develop the cooperation potential so as to expand bilateral trade and cooperation for mutual benefits in the sectors of energy, finance and infrastructure.

This forum was sponsored by Pakistan Embassy in China. More than 100 government officials and businessmen of the two countries were present at the forum.

Before the forum, Pakistan President Zardari met with Minister Chen.