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China seeks stability in taxes & power tariff from Pakistan

China seeks stability in taxes & power tariff from Pakistan

ISLAMABAD: China has asked Pakistan to maintain stability in its taxes and power tariff while establishing a better regulated and more efficient power market for execution of CPEC projects.

The Chinese side, through its official communication, also emphasised that “both sides shall enhance communication and coordination, analyse the impact of changing policies on CPEC projects”.

According to media, official documents showed that Pakistan and China agreed on the need for policy stability and sustainable development. The two sides agreed that all CPEC projects had been reviewed and granted approvals.

These projects are consistent with and fall within the policy and regulatory framework of Pakistan. The Chinese side also proposed that the Pakistani side maintains stability in its taxes and power tariffs. On industrial cooperation, the Joint Cooperation Committee (JCC) under CPEC noted that from October 14th to 19th,a team of Chinese experts was sent by China International Engineering Consulting Corporation (CIECC) for an industrial diagnosis of Pakistan.

The expert team provided intellectual and technical support to the industrial and SEZ development in Pakistan and their work achieved good results. It is hoped that the two sides set up a long-term mechanism to deepen China-Pakistan industrial cooperation. The Chinese hope the Pakistanis will soon install external infrastructure facilities, introduce targeted preferential policies, and provide “one-window” service in the SEZ at an early date.

The Pakistanis have given high priority to the upgrade of Pakistan Steel, and the Chinese side recognises the importance of this project to the Pakistani side, say sources. At present, Metallurgical Corporation of China (MCC) and Donghua Steel have signified their willingness to participate in the project.

It is hoped that companies from the two sides maintain close communication for an early settlement of related issues. Both sides have agreed to accelerate the procedures for several projects, including Balochistan Solar Power Lighting Equipment, drinking water equipment supply (Solar powered pumps in KP and water filtration plants in AJK), and smart classroom project, among others.