LAHORE-A historic agreement was signed between China and Punjab in Beijing on Wednesday for generation of 120 megawatt electricity from Taunsa Barrage. To be completed with the cooperation of China in three years, the project will cost Rs.26 billion. According to an official handout, Chairman Punjab Development Company Babar Nadeem and the Chairman of the State Corporation which produces 30,000 megawatt electricity in China, Wang Shao Fang signed the agreement. Addressing the signing ceremony, the Chief Minister Punjab Muhammad Shahbaz Sharif expressed his gratitude to the Chinese government and people and said that generation of power from Taunsa Barrage would be a historic event. He said that loadshedding besides creating problems for Pakistani people, had also affected industrial and business activities. He said that generation of power from Taunsa Barrage would help mobilise economy as well as generate employment opportunities. He said that the low-cost power generation project had paved the way for foreign investment in energy and other sectors in Punjab and it is hoped that Pakistan would be able to overcome the serious issue of loadshedding through such projects. He expressed the confidence that China could play an important role in ridding Pakistan of loadshedding. Meanwhile, at the invitation of Chinese Communist Party, Muhammad Shahbaz Sharif met its senior leadership at Great Peoples Hall. Senator Pervaiz Rashid, Rana Sanaullah, Khawaja Ahmed Hasaan, Saud Majid, Hafiz Mian Nauman, Zaeem Hussain Qadri, Rana Mubashar Iqbal, Kiran Imran, Shamsa Gohar and a number of important leaders of Chinese Communist Party were present on the occasion. Talking to the visiting delegation from Punjab, senior leader of Chinese Communist Party Jia Qing Lin said that Chinese Communist Party was deeply interested in the reforms programme by PML-N. He also stressed the need of better working relationship and increased contacts between the Communist Party of China and PML-N. The Chief Minister Punjab said that equitable distribution of resources and welfare of the deprived segments of the society was the common agenda of both the parties. INP adds: Chinas top political adviser Jia Qinglin met with Pakistan Muslim League-Nawaz (PML-N) leader Shahbaz Sharif in Beijing on Wednesday, where the officials vowed to maintain exchanges between political parties in both countries. Jia, a member of the Standing Committee of the Communist Party of China (CPC) Central Committees Political Bureau, spoke highly of the relationship between the CPC and Pakistani political parties. He said the CPC will maintain high-level exchanges with the PML-N, strengthen communication between young politicians and promote sound, stable and sustainable development in relations between the two countries. Shahbaz said the PML-N, Pakistans largest Opposition party, attaches great importance to its relations with the CPC. It will further enhance exchanges and cooperation with the CPC, learn from the party and promote the in-depth development of Pakistan-China relations, he said. Jia, also Chairman of the Chinese Peoples Political Consultative Conference (CPPCC) National Committee, said the relationship between China and Pakistan was 'solid as a rock, and the two countries 'harmonious, trustful and friendly relationship has become a model of the kind of relationship that can exist between countries with different cultural backgrounds. 'China will continue to support Pakistans efforts to safeguard national security, maintain social stability and promote economic development. China also appreciates the firm support given by the Pakistani government on issues concerning Chinas core interests, Jia added. He vowed that the Chinese government will encourage more companies to join in Pakistans development. China will work with Pakistan to deepen their friendship and expand cooperation.