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Chinese Vice Premier He Lifeng To Commemorate CPEC’s 10th Anniversary With Pakistan Visit Today
(CTN NEWS) – On Saturday, the foreign ministry spokesperson announced that Chinese Vice Premier He Lifeng would visit Pakistan on July 30 to participate in the commemorations of the 10th anniversary of the China-Pakistan Economic Corridor (CPEC).
As a member of the Politburo of the Central Committee of the Communist Party, Vice Premier Lifeng’s itinerary also includes meetings with President Arif Alvi and Prime Minister Shehbaz Sharif during his visit.
The Chinese Vice Premier will be the chief guest at a special event dedicated to celebrating the decade of CPEC, extending his visit from July 30 to August 1, as stated by the spokesperson.
Lifeng has been instrumental in China’s international economic relations and the implementation of the Belt and Road Initiative, with CPEC being a flagship project.
In his role as Chairman of the National Development and Reform Commission from 2017 to 2023, he played a significant part in planning and executing multiple CPEC projects in Pakistan.
China’s Decade of Substantial Investment: Close to $30 Billion Infused into CPEC’s Energy and Infrastructure Projects
The visit is a part of the routine high-level exchanges and dialogue between Pak and China, demonstrating the importance both countries place on deepening their ‘All-Weather Strategic Cooperative Partnership.’
The visit aims to enhance economic and financial cooperation, promote the high-quality development of CPEC, and explore new avenues to strengthen trade and investment ties between the two nations.
Over the past decade, China has invested close to $30 billion in energy and infrastructure projects through CPEC.
The second phase of CPEC, which focuses on special economic zones, faced delays primarily due to the policies of the PTI government.
However, with the change of government in April of the previous year, CPEC has regained attention and momentum.
Notably, China extended financial assistance to Pakistan during a critical period when Islamabad was on the brink of a sovereign default. Beijing rolled over and refinanced loans, helping Pakistan maintain foreign reserves at a level that averted the default.
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PM Shehbaz Lauds CPEC’s Transformative Impact on Pakistan’s Development Landscape
In a recent event, PM Shehbaz praised the China-Pakistan Economic Corridor (CPEC) project, hailing its pivotal role in reshaping Pakistan’s development landscape through the initiation of numerous multi-billion dollar endeavors.
During a commemorative gathering marking a decade since the inception of CPEC, the country’s leader acknowledged the project’s instrumental contribution to Pakistan’s progress regionally and globally.
He emphasized that with the successful completion of a multitude of undertakings under the CPEC banner, such as coal-fired power plants, the Orange Line mass transit project, and enhanced road infrastructure, Pakistan has entered into a new era of development.
“The narrative behind CPEC is a saga of relentless toil and unwavering commitment between the leaderships of Pakistan and China,” he remarked.
Labeling CPEC as an exemplar of transparency, the premier affirmed that the Chinese government and corporations have invested a staggering $25.4 billion in diverse projects.
He praised President Xi for wholeheartedly supporting CPEC and its potential to significantly bolster various sectors, including agriculture, special economic zones, information technology, and mineral resource exploration, for the betterment of Pakistan’s populace.
CPEC: Transforming Pakistan’s Infrastructure and Economy Since 2013
The China-Pakistan Economic Corridor (CPEC) is an extensive undertaking comprising infrastructure and developmental projects that have been under construction in Pakistan since 2013.
The primary aim of this ambitious initiative is to rapidly upgrade Pakistan’s infrastructure and bolster its economy through the establishment of modern transportation networks, numerous energy ventures, and the creation of special economic zones.
The foundation for the projects to be encompassed within CPEC was laid with a significant agreement signed in 2013, followed by term sheets for these projects being finalized during President Xi Jinping’s visit to Pakistan in 2015.
In November 2016, CPEC achieved a partial operational status as Chinese cargo was successfully transported overland to Gwadar port, from where it was shipped further to destinations in Africa and West Asia.
As part of this flagship connectivity and investment corridor project, Islamabad has thus far received an impressive $25.4 billion in direct Chinese investment.
This substantial funding has been channeled into diverse transport, energy, and infrastructure schemes, shaping the future of Pakistan’s development landscape.
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