ISLAMABAD: Habib Bank Limited (HBL) is set to become the first Pakistani bank to open its branch in China by the end of this year. It will be the first Pakistan bank to open first-ever branch in Chinese city of Uramqi before the end of this year, said Commerce Minister Khurram Dastgir while addressing a joint press conference along with HBL Chairman Sultan Ali Allana on Monday. This will not only facilitate business community and traders but will also give an impetus to $46 billion CPEC projects,” he remarked. Earlier opening up of bank branches in China was a difficult task, but the Chinese government relaxes rules thus paving the way for opening of bank branches in China. He said the asset requirement for any foreign bank to open its branch was $20 billion but China gave special concession to Pakistan and the minimum asset requirement was reduced to $15 billion. The HBL has taken a right decision at a right times as Urumqi is going to be a commercial and trade hub for China’s One Belt and One Road Initiative, the minister maintained. He expressed hoped that opening up of a Pakistani bank branch in China would help documentation of trade and would resolve the issue of under invoicing and over invoicing. The minister assured the HBL of his full support in making the branch functional in China. He said the programme was closely linked to the CPEC which would connect Gwadar port in Balochistan to Xinjiang. Speaking on the occasion, HBL Chairman Sultan Ali Allana said that the bank would expand its network in China initially on the trade route of CPEC. “We would go where there is Pakistan’s strategic interest in China,” he said.