Shehbaz Sharif is currently on a Chinese tour and during a meeting in Beijing with Chinese President Xi Jinping and Pakistani Prime Minister Shehbaz Sharif launched a high-speed rail project that could cost $9.85 billion. Chinese President Xi Jinping and Pakistani Prime Minister Shehbaz Sharif agreed on November 2 to establish a high-speed rail project. A statement from Sharif’s office described it as “a project of strategic importance.” The project involves upgrading a 1,871-kilometer colonial-era track from Karachi to Peshawar to carry high-speed trains. Pakistan formally approved the project this week without saying where the funding would come from or providing technical details. The United States has criticized China for using what it calls “debt diplomacy” to make developing nations dependent on Beijing.
China will export technology for 160 km/h high-speed railway trains to Pakistan, state broadcaster CCTV said on Wednesday. The first batch of 46 train carriages has been loaded and will be shipped on Nov. 3. Parts for another 184 carriages will be delivered to Pakistan to assemble, the report said, adding this is the first time China has exported the technology.
Prime Minister Shehbaz Sharif and President Xi Jinping met earlier today and agreed to strengthen the strategic partnership between the two countries, including the China-Pakistan Economic Corridor (CPEC). The two leaders met at the People’s Great Hall of China and talked about broad-based cooperation in the economy and investment besides exchanging views on regional and global developments.
Shehbaz and Xi also discussed the need to further promote the ‘all-weather strategic cooperation partnership’ between the two nations. PM Shehbaz is expected to spend a busy day in Beijing today. He will meet Premier Li Keqiang and is likely to meet with Chinese investors and Pakistani businessmen. The Pakistani premier landed in Beijing on Tuesday on a two-day official visit to meet Chinese leadership and review the “all-weather strategic cooperation partnership” and discuss regional and global developments.
On his arrival at the Beijing airport, the senior Chinese officials warmly received the prime minister heading a high-level delegation.
The premier is among the first leaders to visit China following the historic 20th National Congress of the Communist Party (CPC) of China that elected Xi Jinping as general secretary of the party. The move comes as the world’s No. 2 economy moves to slow some of its lendings due to growth concerns.
Earlier this year China delayed a bailout for Pakistan as its debt soared, and it has been scaling back lending in Africa as its economy slows. About 30% of Pakistan’s foreign debt is owed to China, including state-owned commercial banks, the report said, quoting a report by the International Monetary Fund issued in September.
In June, Moody’s Investors Service downgraded its outlook on Pakistan to negative from stable, citing financial concerns. In their talks, Xi and Sharif agreed to finalize details on an inner-city rail line in Karachi. The Chinese leader also said his nation would provide 500 million yuan ($68.7 million) to Pakistan to help it rebuild after flooding over the summer that displaced more than half a million people.
Also Wednesday, the two countries central banks signed a memorandum of cooperation on yuan clearing in Pakistan, the People’s Bank of China said in a statement. It didn’t give more details, as per the Bloomberg report. Shehbaz and Xi met at the Great Hall of the People in Beijing and agreed to strengthen the strategic partnership between the two countries, including the China-Pakistan Economic Corridor (CPEC).
China and Pakistan should move forward more effectively with the construction of their economic corridor, as well as accelerate the construction of infrastructure for the Gwadar Seaport, the state media reported, and more infrastructural projects like trains and roads. During the day, Shehbaz, who was on a two-day official visit to China and a high-level delegation, also held separate talks with Chinese Premier Li Keqiang and National People’s Congress (NPC) Standing Committee Chairman Li Zhanshu.
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