system hasn’t turned around yet. This is why private enterprises are facing difficulty in financing recently.
Small- and medium-sized enterprises have been squeezed out of the formal financing market, pushing up interest rates on informal financing.
Interest rate liberalization is crucial for the financial system to support the private eco
nomy, which will increase interest rates on formal financing and lower rates on informal financing.
It is necessary to regulate the informal financial sector, but not eliminate it. Shadow b
anking and fintech sectors do pose certain risks, but they are the meaningful products of financial liberalization.
Wang Yiming, deputy director of the Development Research Center of the State Council
We are still a developing country, with capital stock and per capita stock much lower than
in developed countries. So there is nothing wrong with stabilizing investment, which should be not seen as a sin.
bilateral ties were upgraded to an all-weather strategic partnership.
“We wish that our relationship could be closer and the bond of friendship will be further strengthened in the future,” the admiral said.
Abbasi also noted that the Indian Ocean is vital for the global economy. Thr
eats to this region cannot be tackled by any navy alone. The Chinese navy’s mission to en
sure maritime security in the Indian Ocean has provided a lot of security to shipping in the region, he said.
Shao Shuguang, commander of the Task Group 998, said during meeting w
ith Abbasi that “Karachi’s long history and culture, the hospitality of the Pakistani pe
ople, especially the professionalism of our counterparts in your navy, have left a deep impression on me.”
“I hope that the navies of our two countries will have further close exchang
es and cooperation to jointly maintain maritime security and stability in the Indian Ocean,” Shao said.
During the visit to Kunlunshan, the admiral also reviewed the PLA Navy’s guard of honor.