China offers hope to developing world, says PM Shehbaz on Chinese National Day

The rise of China as the second largest economy and a global power is a source of stability in a perpetually changing world, said Prime Minister Shehbaz Sharif on Saturday .

In a Twitter post directed at Chinese President Xi Jinping and Premier Li Keqiang on the occasion of Chinese National Day, the PM said China offers a promise of hope to the developing world, which is beset by multiple crises relating to climate, finance, food and energy.

The “Chinese template of inter-state relations prioritises cooperation over confrontation and is the governing principle in formation of a community of common destiny,” he said.

PM to visit China in first week of Nov, says minister

He said he was inspired by the Chinese work ethic and discipline, which he believes "explains how China has been able to lift 800 million people out of acute poverty.”

Referring to Pakistan he said, "at this stage in our national life, work, work and work alone can lift us out of crises".

PM Shehbaz is set to visit China in the first week of November on an invitation extended by Chinese president Xi during a meeting in Samarkand, Uzbekistan, on the sidelines of a Shanghai Cooperation Organisation event.

During the meeting, Xi called the Shehbaz “an efficient and pragmatic leader” and expressed his commitment to take forward the China Pakistan Economic Corridor (CPEC) project. Xi also described Pakistan as an “all-weather strategic friend”.

March 2023: $2bn SAFE China deposits rollover sought

Pakistan has sought the rollover of SAFE China deposits of $2 billion in March 2023. In this regard, newly appointed finance minister Ishaq Dar met Chinese Envoy Nong Rong.

Dar appreciated the support extended by the Chinese leadership in the refinancing of syndicate facility of RMB 15 billion ($ 2.24 billion) to Pakistan and sought the support of the ambassador in facilitating rollover of SAFE China deposits of $2 billion in March 2023.

The finance minister apprised the ambassador about the damages caused by the unprecedented floods in Pakistan affecting the infrastructure, agriculture, lives and properties and cost to the economy at large.

Referring to CPEC, Dar said that the corridor will play an important role in taking Pakistan’s economy forward as well as cementing the bilateral relationship between both countries. He further assured his full support for the assistance, making CPEC a success.