[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]Chinese Vice Prime Minister He Lifeng is set to visit Pakistan on July 30 to mark the 10th anniversary of the China-Pakistan Economic Corridor (CPEC). The spokesperson of Pakistan’s foreign ministry announced this, adding that He Lifeng, who is also a member of the Politburo of the Central Committee of the Communist Party, will have meetings with President Arif Alvi and Prime Minister Shehbaz Sharif. During his stay from July 30 to August 1, He Lifeng will be the chief guest at an event celebrating the decade of CPEC.
The visit holds significance as He Lifeng has played a crucial role in China’s international economic relations and the implementation of the Belt and Road Initiative, with CPEC being a prominent project. Serving as the Chairman of the National Development and Reform Commission from 2017 to 2023, he played a vital part in planning and executing multiple CPEC projects in Pakistan.
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This visit is part of the regular high-level exchanges and dialogue between Pakistan and China, demonstrating the importance both nations place on further deepening their ‘All-Weather Strategic Cooperative Partnership.’ The main objectives are to enhance economic and financial cooperation, promote the high-quality development of CPEC, and explore new opportunities to strengthen trade and investment ties between the two countries.
Over the past decade, China has invested nearly $30 billion in CPEC, mainly focusing on energy and infrastructure projects. The second phase of CPEC, which involves the establishment of special economic zones, faced delays partly due to the policy slowdown of the PTI government. However, CPEC regained attention following a change of government in April the previous year.
China’s support proved crucial for Pakistan during a critical period, averting a sovereign default by rolling over and refinancing loans, thereby helping Pakistan maintain sufficient foreign reserves to avoid a default scenario.[/vc_column_text][/vc_column][/vc_row]
