Beijing: Pakistan and China have reaffirmed their commitment to strengthening bilateral ties with the signing of the Joint Action Plan 2024-2029, setting the stage for the formal launch of the second phase of the China-Pakistan Economic Corridor (CPEC 2.0).
The understanding came during Prime Minister Shehbaz Sharif’s meeting with Chinese Premier Li Qiang in Beijing on Thursday, which the Pakistani leader described as “warm and most productive.” The development builds on the consensus reached earlier this week in PM Shehbaz’s meeting with President Xi Jinping, where both leaders pledged to upgrade cooperation under the Belt and Road Initiative (BRI).
The Joint Action Plan outlines cooperation in multiple sectors, including trade, energy, infrastructure, industry, information technology, agriculture, minerals, and textiles. CPEC 2.0 will feature five new corridors and prioritize early implementation of the Main Line-1 (ML-1) railway project, Karakoram Highway realignment, and Gwadar Port operationalisation.
PM Shehbaz expressed his “deepest gratitude” to the Chinese leadership for their support of Pakistan’s sovereignty and socio-economic development, acknowledging Beijing’s recent $3.4 billion loan rollover and pledging to float Panda Bonds in the Chinese capital market. He also congratulated China on hosting the Shanghai Cooperation Organisation (SCO) Council of Heads of State Summit in Tianjin and extended felicitations on the 80th anniversary of the victory in the War of Resistance and World’s Anti-Fascist War.
The Prime Minister highlighted the potential for business-to-business (B2B) partnerships, citing agriculture, mining, textiles, industry, and IT as priority areas. Earlier in the day, he presided over the Pakistan-China B2B Investment Conference, which saw participation from more than 300 Pakistani and 500 Chinese companies.
Both leaders also attended a ceremony where a series of Memorandums of Understanding (MoUs) were signed to advance cooperation in CPEC 2.0, science and technology, media, agriculture, and other sectors.
Reaffirming Pakistan’s support for President Xi’s Global Governance, Development, Security, and Civilization Initiatives, PM Shehbaz said Islamabad remained committed to building a “stronger Pakistan-China community with a shared future.” Both sides will also celebrate the 75th anniversary of the establishment of diplomatic ties next year.
The high-level meeting concluded with a luncheon hosted by Premier Li Qiang in honor of PM Shehbaz and his delegation, which includes Deputy Prime Minister Ishaq Dar, Planning Minister Ahsan Iqbal, and Information Minister Attaullah Tarar.
During the SCO summit, PM Shehbaz is expected to present Pakistan’s perspective on key regional and global issues and outline strategies to strengthen the SCO’s role in fostering stability and cooperation.
Founded in 2001, the SCO is a regional intergovernmental organization comprising 10 member states — including Pakistan, India, Iran, and Belarus — along with two observer states and 14 dialogue partners. Its permanent institutions include the Secretariat in Beijing and the Regional Anti-Terrorist Structure in Tashkent.
