Economy of Pakistan

Tax evasion in Pakistan is a way of life

Pakistan President Asif Ali Zardari. Photo: AP

The rich in Pakistan continually avoid paying tax, leaving the government to depend on aid from other countries. Officials have developed an expertise in running the country on loans and donations.

Monday, 24 December, 2012, 5:12am

Trade surplus set to exceed last year's

The mainland's trade surplus this year is likely to exceed that of last year, making it tougher for the government to balance trade and avoid friction with trading partners.

Ministry of Commerce spokesman Shen Danyang said yesterday that a higher trade surplus was probable as imports were expected to weaken more than exports.

18 Jul 2012 - 12:00am

Shanghai lowers growth aims as demand weakens

Shanghai's economy will continue to slow this year as the municipality targets 8 per cent growth amid weaker external demand and continued curbs on the property sector.

The city's gross domestic product (GDP) expanded 8.2 per cent last year, one of the slowest-growing provincial-level regions in the nation, Shanghai's statistics bureau said.

21 Jan 2012 - 12:00am

Inner strength

The news on both sides of the Atlantic has been challenging of late, to put it mildly. In the Old World, more and more governments have struggled with growing deficits. For the moment, the Greek funding crisis has been defused. But Europe is clearly not quite out of the woods yet. In the New World, politicians grappled for weeks about the debt ceiling before finding a last-minute compromise.

4 Aug 2011 - 12:00am

FDI declines for first time in four years

Inbound foreign direct investment on the mainland fell in 2009 for the first time in four years as foreign companies tightened their belts owing to the global financial crisis.

The country attracted US$90 billion from foreign firms investing in its factories and other assets last year, 2.6 per cent less than in 2008, the Commerce Ministry said yesterday.

16 Jan 2010 - 12:00am

Foreign investment rebounds in August

Foreign direct investment on the mainland grew on a year-on-year basis last month for the first time in 11 months, aiding government efforts to revive the economy.

But the Ministry of Commerce said the single-month rise did not necessarily signal a recovery in overall investment.

16 Sep 2009 - 12:00am

Mainland sees trade surplus rebound

Export growth lifts figure to US$13.4b

The mainland's trade surplus rebounded to US$13.4 billion last month on the back of strong export growth, quelling fears that weakening demand in the United States and Europe would derail the country's export juggernaut.

12 Apr 2008 - 12:00am

Few signs of cooling in US$262b surplus

It is strange how news that China's trade surplus expanded to a record US$262 billion last year is being hailed as evidence that Beijing is finally getting the mainland's runaway economy under control.

14 Jan 2008 - 12:00am

Frontline state counts on building peace, prosperity

With elections looming, the people of Pakistan are determined to triumph over adversity and continue with successful economic reforms

As the war against terrorism unfolds, the world has seen Pakistan suffer heavily. It would therefore surprise many outside the country to learn how upbeat about the future the nation's leaders and people are.

14 Aug 2007 - 12:00am

Moody's gives mainland its highest rating

The mainland received its highest ever debt rating from Moody's Investors Service yesterday, as the agency joined Standard & Poor's, the Asian Development Bank and the International Monetary Fund in making increasingly bullish projections for the supercharged economy.

27 Jul 2007 - 12:00am

Capital spending in urban areas up 25pc

Rise strengthens case for tightening measures

Capital spending on roads, real estate and factories in the mainland's urban areas continued to grow strongly in the first four months of the year on the back of solid loan growth, strengthening the case for the government to tighten monetary policy.

18 May 2007 - 12:00am

Foreign reserves top US$1.2 trillion

Foreign direct investment pushed stockpile higher

Foreign exchange reserves topped US$1.2 trillion by the end of last month, driven up in part by an 11.6 per cent year-on-year increase in first quarter foreign direct investment.

13 Apr 2007 - 12:00am

Forex reserves hit record US$941b

China's foreign exchange reserves reached a record US$941.1 billion by the end of last month, up 32.37 per cent on the same time last year, the central bank said, adding pressure on Beijing to further appreciate the currency.

15 Jul 2006 - 12:00am

CR Land seeks $3b loan to finance projects

Red-chip property developer China Resources Land is seeking a loan of $3 billion to fund new and existing projects, after its aggressive land purchases since last year, people familiar with the situation said.

The deal will be the second loan for CR Land in four years, after it borrowed US$60 million in 2002 which came due in October last year, according to Bloomberg data.

1 Jun 2006 - 12:00am

Value of exports continues to rise

Updated at 6.16pm: The value of exports of electrical and electronic products and wearing apparel recorded significant year-on-year increases in the three months ended March, figures released on Thursday showed.

11 May 2006 - 12:00am