BEIJING - Chinese Foreign Minister Wang Yi said here on Thursday that the benefits of China-Pakistan Economic Corridor (CPEC) has started reaching common man, and helping to resolve many socio-economic problems.

Replying to a question during a Press conference held here on sideline of the first session of 13th National People Congress, he said that China is building dozens of power stations for Pakistan under CPEC which are now supplying power to millions of Pakistanis.

He said that all the power-related projects are yet to be completed, and it is hoped with their completion power-cuts and shortage would be a thing of past in Pakistan.

Wang Yi emphasised that BRI-projects must be high quality and results oriented. The BRI is transparent initiative launched by China which follows golden rules of extensive consultation, joint contribution and shared benefits, he remarked.

The BRI’s cooperation, the Minister said aims to be on equal footed, inclusive and universally beneficial. Planning and implementation of BRI projects are done by the relevant countries through mutual consultation.

No country is dominating the process, he said. There is no background deal and everything is transparent, he added.

More than 80 countries and international organisations have signed BRI agreements with China, he added.

Wang Yi further said that a large number of such projects are well underway, adding, immediate momentum to economic and social development of host countries. BRI projects will strengthen physical connectivity, infrastructure but also improve institutional connectivity, he added.

Meanwhile, China’s Deputy Finance Minister Shi Yaobin said that his country will strengthen financing and tax support to better serve the BRI.

The Ministry of Finance is forming an international financing cooperation center in a bid to build a long-term, stable, sustainable, risk-controllable and diversified financing system,

Shi Yaobin told a Press conference on the sidelines of the annual session of the National People’s Congress, China’s national legislature.

The Ministry will continue to push forward bilateral and multilateral tariff negotiations to promote the building of free trade areas, promote mutual opening up, and soundly implement the tariff concession agreements already signed with countries along the routes, he stated.

China will facilitate international tax coordination and cooperation, contribute to eliminating discrimination in tax policy making and implementation, while encouraging more countries to participate in the BEPS (Base Erosion and Profit shifting) project, Shi said.