WASHINGTON: Pakistan is advancing economic ties with China, Saudi Arabia, and Turkiye, as Federal Finance Minister Muhammad Aurangzeb held high-level discussions on the sidelines of the World Bank-IMF Annual Meetings in Washington DC. The meetings focused on debt reprofiling, trade cooperation, and joint ventures to strengthen Pakistan’s economic prospects. Aurangzeb revealed a “promising response” from China over Pakistan’s request to …

ISLAMABAD: In a historic move towards promoting Islamic finance, Pakistan’s Parliament has unanimously passed the 26th Constitutional Amendment, mandating the complete elimination of Riba (interest) by January 1, 2028. This significant amendment modifies Article 38(f) of the Constitution, marking a key milestone in the country’s efforts to align its financial system with Shariah principles. The amendment follows the April 28, …

KARACHI: Inflows of workers’ remittances from overseas Pakistanis remained robust, reaching $2.85 billion in September 2024. This brought the cumulative remittances to a record $8.8 billion in the first quarter of the fiscal year 2024-25, according to data released by the State Bank of Pakistan (SBP). These strong inflows are expected to help stabilise the rupee, maintain foreign exchange reserves, …

ISLAMABAD: Finance Minister Muhammad Aurangzeb announced that the country has seen a “sharper-than-expected drop in inflation”, with the economy moving towards improvement. Speaking at the launch of the Pakistan Economic Dashboard on Wednesday, the finance czar highlighted key economic progress and stressed the need for structural reforms to ensure sustainable stability. During his address, the minister noted that inflation has …

ISLAMABAD: Finance Minister Muhammad Aurangzeb on Sunday said that tax filers for the current fiscal year had nearly doubled as compared to last year, stating that around 723,000 new filers have registered themselves. On September 20, Prime Minister Shehbaz Sharif approved drastic measures for tax enforcement and compliance, including a ban on all banking and financial transactions for non-filers of …

The impact of China’s first domestically built large cruise ship, the Adora Magic City, has continued to grow since its commercial maiden voyage on Jan. 1 this year. The cruise ship has made a splash in China’s tourism sector. So far, it has completed over 50 trips and served more than 200,000 tourists, accounting for around 40 percent of the …

By Lin Lili, Huang Xiaohui, Wang Xinyue On a weekend night, on an open stage in the Ninth Street of Guanyinqiao business area, Jiangbei district, southwest China’s Chongqing municipality, people were singing and dancing, creating a lively atmosphere. “We come here to listen to music, enjoy food, and go shopping. The Ninth Street never sleeps at night,” said Chen Qi, …

By Li Xinping, Wang Zheng, Ding Yiting Bearings are considered as “joints” of industries. Recently, the Liu’ao offshore wind farm in Zhangzhou, southeast China’s Fujian province, which features the application of 16-MW offshore wind turbine units, was put into full-capacity operation and connected to the grid for power generation. The bearings of the turbine units were independently developed in China. …

The Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting on Thursday to analyze and study the current economic situation and make further arrangements for economic work. Xi Jinping, general secretary of the CPC Central Committee, presided over the meeting. The Chinese economy has posted generally stable performance this year, making progress while ensuring stability, …

Chinese Vice-Premier He Lifeng met with Under Secretary of the U.S. Treasury Jay Shambaugh in Beijing on Friday, as part of the ongoing efforts to stabilize and develop economic relations between the two nations. He stated the need to uphold the consensus reached between the leaders of both nations during their meeting in San Francisco last November as well as …