Prime Minister Shehbaz Sharif met Chinese Premier Li Qiang in Beijing on Thursday to launch the second phase of CPEC. Both leaders agreed to upgrade the China-Pakistan Economic Corridor (CPEC 2.0) with five new development corridors. They highlighted the strong ties between Pakistan and China in trade, energy, defence, and infrastructure. The meeting was described as warm and friendly, reflecting the ongoing cooperation between the two nations. They also expressed satisfaction with the progress in bilateral relations over the past decade.
PM Shehbaz stressed the importance of starting major CPEC projects without delay. He called for early work on the ML-1 railway project and the Karakoram Highway realignment. He also urged full operation of the Gwadar Port. The leaders praised CPEC’s role in Pakistan’s socio-economic development and agreed to keep working closely on future projects. They also welcomed the Joint Action Plan 2024-2029, signed to guide CPEC’s next phase. Both sides reaffirmed their commitment to a strong, long-term partnership.
Premier Li hosted a luncheon for PM Shehbaz and his team after the delegation-level talks. PM Shehbaz thanked the Chinese leadership for supporting Pakistan’s territorial integrity and development. He recalled the agreements made earlier in his meeting with President Xi Jinping. The two premiers also discussed ways to deepen their strategic cooperation. China assured continued support for Pakistan’s development goals and promised to expand trade and investment.
The visit also focused on boosting business ties between the two countries. PM Shehbaz is set to lead the second Pakistan-China Business-to-Business Conference in Beijing. The event will review outcomes of the first meeting held in Shenzhen in June 2024. It aims to explore new areas for industrial cooperation and joint ventures. PM Shehbaz wants to promote collaboration between business communities from both countries. He also plans to meet China’s Minister for Information Technology and Industry.
Earlier, during the SCO summit, China pledged more support for Pakistan’s economic growth. President Xi promised to upgrade the China-Pakistan Free Trade Agreement and support development in agriculture, mining, and industry. PM Shehbaz also addressed Tianjin University, highlighting the shared vision between both countries. He noted that Pakistan had sent 1,000 agriculture students to China for training. About 30,000 Pakistani students are currently studying in China. In June, China rolled over $3.4 billion in loans to help Pakistan strengthen its foreign reserves.