China Vows to Help Pakistan Stabilize Economy

China has assured Pakistan that it will continue to assist the cash-strapped nation in stabilizing its financial situation. President Xi Jinping said China and Pakistan should fast-track CPEC more effectively, as well as expedite the construction of infrastructure for the Gwadar Sea Port, Chinese media reported on Wednesday. In a meeting between Prime Minister Shehbaz Sharif and the Chinese president at the People’s Great Hall earlier today, both parties also agreed to launch the Main Line-1 (ML-1) railway project as an early harvest project under the CPEC framework. Both leaders acknowledged the need for a mass-transit project in Karachi and agreed to ratify all formalities for the Karachi Circular Railway’s early launch. Matters including defense, trade and investment, agriculture, health, education, green energy, science and technology, and disaster preparedness were also discussed. The two leaders discussed the international environment’s rapid transformation, which has aggravated economic challenges for developing economies like Pakistan. Both also agreed that a peaceful and stable Afghanistan would benefit regional security and economic development and that extending CPEC to Afghanistan would bolster regional connectivity initiatives. President Xi Jinping assured that China would continue to extend its support to Pakistan for sustainable economic development and to harness its potential as the geo-economic hub. He also announced an additional assistance package of RMB 500 million for Pakistan’s post-flood relief and rehabilitation efforts. Later, the premier extended an invitation to the Chinese president to visit Pakistan at an early date, which he accepted.