China to 'firmly move forward' on infrastructure projects

Published November 3, 2018
Prime Minister Imran Khan and China's Premier Li Keqiang attend a signing ceremony at the Great Hall of the People in Beijing. — AFP
Prime Minister Imran Khan and China's Premier Li Keqiang attend a signing ceremony at the Great Hall of the People in Beijing. — AFP

China has agreed to “firmly move forward” on various infrastructure projects in Pakistan following a meeting between Prime Minister Imran Khan and his Chinese counterpart, Li Keqiang, on Saturday.

The agreement follows concerns that Islamabad's spiralling financial crisis could lead Beijing to scale back its projects in the country, where it is helping to build the multi-billion dollar China-Pakistan Economic Project (CPEC).

The project is at the heart of Chinese President Xi Jinping's Belt and Road Initiative, an ambitious, globe-spanning trade and infrastructure programme.

The massive undertaking has drawn both praise and criticism from around the world, with some saying the initiative is filling a critical funding gap in the developing world, while others fear the Chinese loans financing the work are designed to entrap their recipients in debt.

In Pakistan, Belt-and-Road-linked projects have come in for heavy criticism for their opaque lending terms, with some arguing that Beijing's largesse may worsen Islamabad's fiscal dilemma.

But both Pakistan and China played down those concerns on Saturday, describing the programme as a key part of Islamabad's recovery plans.

In his meeting with Li, Khan invited the Chinese premier to visit Pakistan and see for himself the difference the mega-project has made in the country.

“CPEC in 2013 was just an idea. Now it is on the ground. And it has caught the imagination of the people of Pakistan,” he said.

“We feel that this a great opportunity for our country to progress, to attract investment. It gives us an opportunity to raise our standard of living, growth rate.”

Li praised the relationship, saying “China and Pakistan are all-weather partners".

"Pakistan has always been regarded as a foreign policy priority by China."

15 MoUs signed between China and Pakistan

About 15 Memorandums of Understanding (MoUs) for cooperation between China and Pakistan in multiple fields were signed in Beijing by officials of both countries, RadioPak reported.

Prime Minister Khan and Chinese Premier Li Keqiang overlooked the signing ceremony, that was held at the Great Hall of the People in Beijing.

Both countries pledged to cooperate in various fields, including forestry, earth sciences, agriculture as well as in the industrial sector.

The neighbouring countries also agreed to work together to alleviate poverty in Pakistan as well as to ensure the provision of technical training to potential labour.

The Chinese Academy of Science also signed MoUs with the Higher Education Commission of Pakistan and Pakistan Meteorological Department.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Business concerns
Updated 26 Apr, 2024

Business concerns

There is no doubt that these issues are impeding a positive business clime, which is required to boost private investment and economic growth.
Musical chairs
26 Apr, 2024

Musical chairs

THE petitioners are quite helpless. Yet again, they are being expected to wait while the bench supposed to hear...
Global arms race
26 Apr, 2024

Global arms race

THE figure is staggering. According to the annual report of Sweden-based think tank Stockholm International Peace...
Digital growth
Updated 25 Apr, 2024

Digital growth

Democratising digital development will catalyse a rapid, if not immediate, improvement in human development indicators for the underserved segments of the Pakistani citizenry.
Nikah rights
25 Apr, 2024

Nikah rights

THE Supreme Court recently delivered a judgement championing the rights of women within a marriage. The ruling...
Campus crackdowns
25 Apr, 2024

Campus crackdowns

WHILE most Western governments have either been gladly facilitating Israel’s genocidal war in Gaza, or meekly...