China-Pakistan Supply Chain Hub
During the meeting at Beijing’s Great Hall of the People, President Xi Jinping and Pakistani Prime Minister Shehbaz Sharif pledged to boost their all-around strategic cooperation and inject new energy into it. Both leaders pledged to progress the construction of the China-Pakistan Economic Corridor (CPEC), a $60bn infrastructure project which is part of China's Belt and Road Initiative, a project to upgrade and renovate Pakistani rail lines, as well as the Karachi Circular Railway. The Pakistani Prime Minister was among the first foreign leaders invited to Beijing after the 20th National Congress of the Communist Party of China (CPC).
The two sides also committed to advancing cooperation in areas such as agriculture, science, technology, and people's livelihoods, as well as expand their cooperation in the digital economy, e-commerce, photovoltaics, and other new-energy technologies.
China has been Pakistan's largest trade and investment partner, largest exporter, and second largest importer for six consecutive years.
According to the data released by the General Administration of Customs, in 2021 trade between China and Pakistan reached USD 27.82 billion, a year-on-year increase of 59.1%. Chinese exports to Pakistan amounted to USD 24.23 billion, a year-on-year increase of 57.8%, while imports from Pakistan stood at USD 3.59 billion, a year-on-year increase of 68.9%.