Shehbaz, Chinese Premier Pledge to Advance CPEC 2.0

Prime Minister Shehbaz Sharif and Chinese Premier Li Qiang reaffirmed their commitment to advancing the second phase of the China-Pakistan Economic Corridor (CPEC 2.0) during what the premier called his “most productive” meeting in Beijing. The keyword CPEC 2.0 defined the discussions as both sides agreed to strengthen their economic, industrial, and strategic cooperation.

Strategic Partnership Strengthened

Pakistan and China share a deep-rooted partnership that spans trade, energy, defence, and infrastructure. Shehbaz Sharif, currently on a six-day visit to China, attended the Shanghai Cooperation Organisation (SCO) summit before engaging in bilateral talks. The meeting with Premier Li focused on the upgraded phase of CPEC, which now includes five new corridors covering diverse sectors.

Key Projects Highlighted

The prime minister stressed the importance of early implementation of critical projects such as the Main Line-1 (ML-1) railway upgrade, the realignment of the Karakoram Highway, and the full operationalisation of Gwadar Port. He noted that these projects would unlock economic opportunities, improve connectivity, and strengthen Pakistan’s role as a regional trade hub.

Shehbaz also urged Chinese companies to increase their investments in Pakistan, especially in emerging sectors like information technology, agriculture, minerals, textiles, and industry.

Warm and Productive Talks

According to a statement by Pakistan’s Press Information Department (PID), the talks were “warm and friendly.” Both leaders expressed satisfaction at the trajectory of Pak-China relations and reiterated their shared vision of an “all-weather strategic cooperative partnership.”

Shehbaz thanked China for its steadfast support for Pakistan’s territorial integrity and socio-economic progress. He highlighted China’s role in helping Pakistan overcome economic challenges, particularly by rolling over $3.4 billion in loans earlier this year to boost foreign exchange reserves.

Agreements and MoUs Signed

The meeting also witnessed the signing of several Memorandums of Understanding (MoUs) and agreements. These covered cooperation in CPEC 2.0, science and technology, IT, media, and agriculture. The signing of the Joint Action Plan 2024-2029 was hailed as a major step toward deepening bilateral cooperation.

Both leaders reaffirmed their determination to take the iron-clad friendship between the two nations to new heights.

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Economic Cooperation Expands

Shehbaz briefed Premier Li on the Pakistan-China Business-to-Business (B2B) Investment Conference held earlier in the day. The conference saw participation from over 300 Pakistani and 500 Chinese companies. The prime minister identified agriculture, mining, textiles, and ICT as key sectors for mutually beneficial collaboration.

He also shared Pakistan’s plan to issue Panda Bonds in China’s capital market, signaling the country’s intent to diversify funding sources while strengthening financial cooperation with Beijing.

Support for Global Initiatives

Shehbaz reaffirmed Pakistan’s support for President Xi Jinping’s multilateral initiatives. These included the Global Development Initiative, Global Security Initiative, Global Governance Initiative, and Global Civilisation Initiative. He stressed that Pakistan’s reform agenda aligns closely with China’s vision of building a community with a shared future.

High-Level Engagements

Beyond his talks with Premier Li, Shehbaz held meetings with senior Chinese officials, including Information Technology and Industry Minister Li Lecheng. Both sides discussed enhancing cooperation in industries, agriculture, trade, ICT, mining, and minerals.

Minister Li praised Pakistan’s reform agenda and described the two countries as “ironclad brothers.” He pledged China’s commitment to elevate ties to unprecedented levels of cooperation.

The prime minister also met top executives from leading Chinese enterprises, urging them to consider Pakistan as their next investment destination. He emphasized Pakistan’s advantages, such as cost-effective labour, competitive inputs, and strategic connectivity with global markets.

Launch of CPEC 2.0

The ongoing visit is expected to mark the official launch of the second phase of CPEC, focusing on industrial cooperation. Shehbaz described industrial partnerships as the “cornerstone” of the new phase, noting that special economic zones in Pakistan offer vast opportunities for Chinese industries seeking relocation.

Both sides also discussed outcomes of the earlier B2B conference chaired by Shehbaz in Shenzhen in 2024, outlining strategies for future collaboration.

Shared Resolve with Xi Jinping

Earlier this week, Shehbaz met President Xi Jinping on the sidelines of the SCO summit. Both leaders reaffirmed their commitment to strengthening their strategic partnership. President Xi expressed readiness to upgrade the China-Pakistan Free Trade Agreement, advance industrial cooperation, and support Pakistan’s development initiatives.

Shehbaz reiterated that CPEC remains the flagship project of the Belt and Road Initiative (BRI), serving as a pillar of Pakistan-China cooperation. He stressed that both nations were working to build a stronger community with a shared destiny.

Education and People-to-People Ties

During his visit, Shehbaz also highlighted educational cooperation. Pakistan has sent 1,000 agriculture graduates to China to learn advanced farming techniques, while 30,000 Pakistani students are currently pursuing studies in China. These exchanges, he said, are strengthening people-to-people bonds and building capacity for future growth.

A Relationship Entering a New Era

The meeting between Shehbaz and Premier Li symbolized more than just economic collaboration. It underscored the enduring strength of a partnership that has weathered challenges and continues to grow. With the formal launch of CPEC 2.0, both nations are set to enter a new era of cooperation, anchored in shared goals of prosperity, stability, and regional connectivity.