Beijing: Chinese President Xi Jinping said that China will continue to support Pakistan to improve its economic situation, which is facing economic crisis. According to reports, Xi made the announcement during Pakistan Prime Minister Shehbaz Sharif’s visit to Beijing. Pakistan was struggling with a balance of payments crisis even before the devastating floods hit the country. It was also reported that Pakistan would seek debt relief of around 23 billion from China. The People’s Bank of China said that the Central Bank of China and the National Bank of Pakistan recently signed an agreement to facilitate cross-border cross-border transactions between enterprises and financial institutions of both countries and to establish an RMB clearing arrangement in Pakistan. Xi said that China and Pakistan should effectively advance their economic ties and speed up the infrastructure construction of the Gwadar Sea Port. China is involved in major mining and infrastructure projects in Pakistan, including the deep-sea port of Gwadar, which is part of the $65 billion China-Pakistan Economic Corridor (CPEC). She added that the countries should work together to create conditions for the early implementation of the Mainline-1 (ML-1) Railway Upgrade Project and the Karachi Circular Railway Project.
China will export technology for a high-speed railway train with a speed of 160 km to Pakistan, according to Straight Broadcaster CCTV. The developments and projects in Pakistan, China’s long-time ally, are part of China’s Belt and Road Initiative (RBI) to improve China’s road, rail and maritime links with the rest of the world. Xi said China welcomes Pakistan to expand high-quality agricultural exports to the country and is ready to increase cooperation in areas including digital economy, e-commerce, photovoltaics and other new energy sources. Sharif is one of the first leaders to meet Xi after assuming power for a third term in China.