Pakistan and China Advance CPEC 2.0 with Five New Corridors

BEIJING: Prime Minister Shehbaz Sharif met Chinese Premier Li Qiang in Beijing on Thursday, with both leaders agreeing to expedite the second phase of the China-Pakistan Economic Corridor (CPEC), which will feature five new corridors.

The meeting took place during Shehbaz Sharif’s six-day official visit to China, following his participation in the Shanghai Cooperation Organisation (SCO) summit in Tianjin.

During the talks, Pakistan and China signed multiple memorandums of understanding (MoUs) covering cooperation in science and technology, IT, media, agriculture, and other sectors. Premier Li Qiang also hosted a luncheon in honor of the Pakistani delegation.

Prime Minister Shehbaz expressed gratitude to China for supporting Pakistan’s sovereignty and socio-economic development. He emphasized Pakistan’s interest in learning from China’s development model under President Xi Jinping and highlighted the goal of strengthening the Pakistan-China community with a shared future.

Both leaders expressed satisfaction with the progress of bilateral relations and pledged to work closely on CPEC 2.0 and other mutually beneficial projects. Shehbaz congratulated China on successfully hosting the SCO summit and extended greetings on the 80th anniversary of China’s victory in the War of Resistance and the World Anti-Fascist War.

On the economic front, Shehbaz announced Pakistan’s plans to soon launch Panda Bonds in China’s capital market. He called for the timely completion of key CPEC projects, including the ML-1 railway upgrade, the Karakoram Highway realignment, and the operationalization of Gwadar Port.

The prime minister also briefed the Chinese premier about the Pakistan-China Business-to-Business (B2B) Investment Conference, which saw participation from over 300 Pakistani and 500 Chinese companies. He identified agriculture, minerals, textiles, industry, and IT as priority areas for investment.

Both sides reaffirmed their “iron-clad” strategic partnership, with Pakistan reiterating support for President Xi Jinping’s global initiatives, including the Global Development Initiative, Global Security Initiative, Global Governance Initiative, and Global Civilisation Initiative.

Read More: CJCSC Meets Qatari Defence Leadership on Official Visit to Qatar