ISLAMABAD - A delegation of Overseas Chinese Federation of Gansu Province visited Islamabad of Commerce and Industry (ICCI) and showed interest to set up Joint Ventures (JVs) with Pakistani count parts in CPEC project.

Representatives of Gansu Federation of Returned Overseas Chinese, Gansu Construction Investment Group Corporation, Nanya p International Import & Export (Pvt.) Ltd., Overseas Chinese Association of Pakistan were also in the delegation.

The delegation members said that 11 companies and over 800 citizens of Gansu Province were already working in Pakistan and more enterprises of Gansu Province were interested to explore JVs and investment in China Pakistan Economic Corridor (CPEC). They said that CPEC was making good progress in Pakistan and China and added that it would bring benefits for both countries as well as for the region. They said that the purpose of delegation visit was to study the Pakistani market and explore business opportunities in it for Chinese enterprises. The delegation members also invited ICCI members to visit Gansu Province and explore business opportunities with Chinese counterparts.

Addressing the delegation, President ICCI Ahmed Hassan Moughal said that CPEC was a project of long-term cooperation between Pakistan and China and it would strengthen Pakistan’s economy by improving infrastructure development, energy, industrialization and agriculture development in Pakistan. He stressed that Chinese investors should bring technology and set up JVs with local partners in CPEC and in other areas of Pakistan’s economy. He said Pakistan was a competitive destination for manufacturing activities and added that by investing in Pakistan, Chinese companies would be able to meet the demand of local market and export surplus products to many other countries including Middle East, Central Asia and other regions. He assured that ICCI would extend all possible cooperation to Chinese companies in finding right partners in Pakistan.

China's digital economy accounted for a bigger share of gross domestic product (GDP) in the first half of this year, with more room for further improvement, a report showed.

The digital economy was estimated at 16 trillion yuan (2.32 trillion U.S. dollars) in the January-June period, according to the China Academy of Information and Communications Technology (CAICT) under the Ministry of Industry and Information Technology.

The CAICT said the figure was equivalent to 38.2 percent of GDP, up from the 32.9-percent ratio in 2017.

In the face of looming downward pressures, China has resorted to an emerging, fast-growing digital economy for new growth momentum, which has prompted booming growth in areas including e-commerce and mobile payment, as well as technological innovation in traditional industries.

The report pointed out, however, that China's digital economy still faces imbalance.

Compared to the tech-savvy service sector, agriculture and secondary industries have huge room for improvement in digitalization, and gaps are wide between different regions, CAICT researcher Lu Chuncong said.

As the digital economy has become an inevitable trend, more efforts should be taken to push forward digital transformation across all industrial and value chains, Lu said.