The Prime Minister of Pakistan is on his first two-day visit to Beijing. Where he met Chinese President Xi Jinping on Wednesday. Meanwhile, state media quoted President Xi Jinping as saying that China will continue to support Pakistan as it tries to stabilize its financial situation. Along with this, the two leaders have agreed to strengthen their friendship and the $ 60 billion China-Pakistan Economic Corridor (CPEC).
Pakistan facing an economic crisis
Pakistan is facing a big economic crisis these days. He is trying his best to overcome this. Even before devastating floods hit the country this summer, Pakistan is troubled by a balance of payments crisis. The bulk of Pakistan's $27 billion bilateral debt, about $23 billion, remains on account of Chinese debt. China and Pakistan have always been strong allies, with Sharif also likely to raise security-related issues during his visit.
China's aid to Pakistan
China's central bank and the State Bank of Pakistan recently came to the fore for cross-border transactions by enterprises and financial institutions in both countries. A Memorandum of Cooperation has been signed to set up an RMB clearing system in Pakistan to facilitate the use of RMB. This information was given by the People's Bank of China (PBOC) on Wednesday.
Great Hall of the People Meeting
President Xi Jinping told Prime Minister Shahbaz Sharif during their meeting at the Great Hall of the People that China and Pakistan should proceed more effectively with the construction of their economic corridor, as well as the infrastructure for the Gwadar Sea Port. Construction should be expedited. He said China has been involved in major mining and infrastructure projects in Pakistan, including the deepwater Gwadar port, all part of the $65 billion China-Pakistan Economic Corridor (CPEC).
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