Late last year, three Chinese exchanges jointly1 submitted the highest bid for a 40 per cent stake in the Pakistan Stock Exchange. They paid almost Rs9bn, or $85m. Weeks after the deal, the market hit an all-time high.
去年底，中国三家交易所联合提出报价，收购巴基斯坦证券交易所(Pakistan Stock Exchange, PSX) 40%的股权。它们报价近90亿巴基斯坦卢比（合8500万美元），为最高报价。该交易完成数周后，巴基斯坦股市创历史最高纪录。
This year has been a good time to be a broker2
in Karachi, especially after index provider MSCI announced last summer it was restoring the country to emerging market status after downgrading it to frontier status after the financial crisis. In March, local brokers3
with stakes in the PSX received cheques when the Chinese transaction closed. Since then, they have been sending roadshows to financial capitals to sing the praises of the Pakistani market.
The Chinese investment in the the Pakistan stock market is not officially part of the China Pakistan Economic Corridor (CPEC), which is itself part of the broader, One Belt, One Road initiative designed to strengthen trade links between China and Europe. Yet the biggest reason to be optimistic about Pakistan is the Chinese investment that is pouring into the country.
More than $55bn is expected to come into the country in the next five years, according to a forecast from the Pakistan Business Council. Beijing is doing for Pakistan what the country cannot seemingly do for itself — provide functioning infrastructure4
. The most critical of these involves building power plants to solve the country’s perennial5
energy shortage, which has become one of the biggest constraints6
on economic growth.
据巴基斯坦商业委员会(Pakistan Business Council)的预测，未来五年预计将有超过550亿美元的投资进入巴基斯坦。北京为巴基斯坦做的事似乎是后者自己无法完成的——提供发挥正常功能的基础设施。最关键的基建工程涉及建设发电厂来解决巴基斯坦长期存在的能源短缺问题；该问题已成为巴基斯坦经济增长受到的最大约束之一。