曼谷讯——巴基斯坦财政部长穆罕默德·奥朗则布表示，巴基斯坦将继续“实现融资来源多元化”，暗示其政府可能发行更多以人民币计价的债券，并进入日本市场发行武士债。
BANGKOK -- Pakistan will continue to "diversify its funding sources," Finance Minister Muhammad Aurangzeb said, hinting that his government could issue more Chinese yuan-based bonds and tap the Japanese market for samurai bond issuances.
奥朗则布周一在曼谷举行的国际货币基金组织和世界银行年会间隙接受了《日经亚洲》采访，该年会于同日在曼谷拉开帷幕。
Aurangzeb spoke to Nikkei Asia on Monday on the sidelines of the annual meetings of the International Monetary Fund and World Bank, which kicked off in Bangkok on the same day.
5月中旬，巴基斯坦发行了首只熊猫债，规模为17.5亿元人民币（约2.61亿美元），这是72亿元人民币计划的一部分，由亚洲开发银行和亚洲基础设施投资银行提供部分担保。
In mid-May, Pakistan issued its first panda bond worth 1.75 billion yuan ($261 million) as part of a 7.2 billion yuan program, with the Asian Development Bank and the Asian Infrastructure Investment Bank providing partial guarantees.
熊猫债是指外国实体在中国境内债券市场发行的以人民币计价的债券，用于筹集资金。
A panda bond is a yuan-denominated bond issued by a foreign entity to raise money in China's domestic bond market.
奥朗则布表示，最近这只熊猫债不会是“一次性发行”，巴基斯坦打算“持续回归，成为常态化发行人”，因为中国是“世界第二大、最深度的资本市场”。巴基斯坦和印度尼西亚等新兴经济体纷纷利用熊猫债市场，旨在扩大投资者基础并实现融资来源多元化。据标普全球数据，2026年上半年熊猫债发行规模达到约1600亿元人民币（约238亿美元），同比激增68%。外国发行人增加，占比达50%，而去年为39%。
Aurangzeb said the recent panda bond will not be a "one-time issuance" and that Pakistan intends to "keep going back and be a repeat issuer," given how China is the "second largest and deepest capital market in the world." Emerging economies such as Pakistan and Indonesia have tapped the panda bond market in a bid to expand their investor base and diversify funding sources According to S&P Global, panda bond issuance reached roughly 160 billion yuan ($23.8 billion) in the first half of 2026, surging 68% year on year. Foreign issuers have increased, accounting for 50% of the pie compared to 39% last year.
奥朗则布表示：“我们不想增加外债规模，”同时表达了进一步实现融资来源多元化的兴趣，包括发行以日元计价的武士债。
"We do not want to increase the quantum of our external debt," said Aurangzeb, while expressing interest in ways to further diversify funding sources, including the issuance of yen-denominated samurai bonds.
他表示，武士债“讲得通”，是“我们应该深思熟虑的事情”，并补充道：“我们需要做更多功课。”除了实现外部借贷多元化外，巴基斯坦正在加速努力吸引外国直接投资，通过提升包括汽车行业在内的关键行业竞争力来实现这一目标。
Samurai bonds "would make sense," and are "something which we should think through," he said, adding: "We need to do more homework." In addition to diversifying external borrowing, Pakistan is accelerating efforts to attract foreign direct investment by increasing competitiveness in key industries, including the automobile sector.
去年，该国推出了为期五年的国家关税政策（NTP），该政策逐步降低关键行业的进口关税。
Last year, the country unveiled a five-year National Tariff Policy (NTP), which gradually reduces import tariffs in key sectors.
“我们不会在国家关税政策上作出任何妥协，”奥朗则布说。“这不仅仅是关于汽车行业——而是关于各行各业。”
"We will not make any compromise on the national tariff policy," Aurangzeb said. "It's not only about the auto industry -- it's about industries in general."
过去，政府在没有日落条款的情况下提供保护。“这对巴基斯坦不起作用，”他说。“我们希望让我们的工业具有竞争力。”他认为NTP有助于出口，“特别是原材料和中间商品。”奥朗则布指出，东盟在20世纪90年代末降低了关税，以产生各种积极影响。“这对于巴基斯坦来说，可能是一个东南亚时刻，”他说。
In the past, the government has given protection without sunset clauses. "That has not worked for Pakistan," he said. "We want to make our industry competitive." He believes the NTP can help exports, "especially for raw materials and intermediate goods." Aurangzeb noted that ASEAN reduced tariffs in the late 1990s to generate various upsides. "This can very much be a Southeast Asia moment for Pakistan," he said.
巴基斯坦正寻求内阁批准一项修订后的汽车政策，以支持电动汽车的采用，作为该国能源转型和气候变化战略的一部分。伊斯兰堡希望到2030年，新车中有30%为电动汽车。
Pakistan is seeking cabinet approval for a revamped auto policy that will support the adoption of electric vehicles as part of the country's energy transition and climate change strategies. Islamabad wants 30% of new vehicles to be electric by 2030.
然而，该政策对汽车制造商设定的严格出口目标引发了争议，一些观察人士表示他们倾向于支持中国新能源汽车制造商。
The policy's strict export targets for automakers, however, have caused a stir, and some observers have said they favor Chinese new energy vehicle makers.
中国的电动汽车企业已经进入巴基斯坦市场，包括比亚迪，该公司已开始在当地组装汽车。
Chinese EV players have already been attracted to Pakistan, including BYD, which has started assembling locally.
奥朗则布表示，巴基斯坦欢迎中国汽车制造商——“全部欢迎。”中国是巴基斯坦最大的双边贷款国。两国在5月纪念了建交75周年，凸显了双方在经济、国防和地缘政治合作方面的伙伴关系。
Aurangzeb said Pakistan welcomes Chinese automakers -- "all of them." China is Pakistan's largest bilateral lender. The two countries marked the 75th anniversary of diplomatic relations in May, underscoring a partnership that spans economic, defense and geopolitical cooperation.
自1950年成为国际货币基金组织成员以来，巴基斯坦已参与超过两打的国际货币基金组织项目。目前，巴基斯坦正处于其第25项安排之中，是国际货币基金组织金融援助的频繁使用国之一。截至周一，该国欠国际货币基金组织约105亿美元。
Since becoming an IMF member in 1950, Pakistan has entered over two dozen IMF programs. Currently in its 25th arrangement, Pakistan is one of the most frequent users of IMF financial assistance. As of Monday, the country owed the IMF around $10.5 billion.
“就该计划本身而言，我们进展顺利，这也有助于我们与评级机构及投资者展开洽谈，”奥朗则布说道。他补充说，该计划包含一项“结构性改革议程”，将“推动经济实现可持续发展”。
"We're in good shape with respect to the program itself, which in turn helps us with our discussions with rating agencies and investors," Aurangzeb said. This program has a "structural reform agenda" that will "lead to sustainability," he said.
他表示，一旦“国际社会确信我们不再需要国际货币基金组织这样的最后贷款人”，巴基斯坦就能摆脱对其援助的依赖。
Pakistan will graduate from IMF assistance, he said, once the "rest of the world becomes convinced that we don't need the lender of last resort."