Chinese vice premier to visit Islamabad for 10-Year CPEC celebrations and talks on President Xi’s potential visit

ISLAMABAD:

The Chinese vice premier is expected to travel to Islamabad later this month to celebrate 10 years of the China-Pakistan Economic Corridor (CPEC) and to discuss a potential visit of President Xi Jinping sometime after the country’s parliamentary elections.

This will be the first high-level visit by a Chinese leader since President Xi began a third five-year term in March with the next generation of his country’s leaders.
China has two vice premiers, who assist President Xi.

The name of the vice premier visiting Pakistan is being withheld by The Express Tribune at the request of the local authorities.

Sources said the vice premier would be given a red carpet welcome on his arrival.

He will attend a ceremony to celebrate the 10 years of CPEC, the flagship programme of President Xi’s Belt and Road Initiative that he unveiled in 2013.

China invested close to $30 billion in 10 years mainly focusing on energy and infrastructure projects.

The second phase of CPEC envisaging special economic zones could not move ahead primarily because of the PTI government’s policy to slow down the project.
However, CPEC gathered renewed attention since the change of government in April last year.

China bailed out Pakistan on a crucial juncture when Islamabad was on the verge of a sovereign default.

Beijing rolled over and refinanced loans that helped Islamabad keep its foreign reserves to a level where it could avoid a default.

Recently, China rescheduled $2 billion loan for two years, giving the much-needed space to Pakistan against the backdrop of its dwindling foreign reserves.

The visit of the Chinese vice premier is being seen as significant and will be viewed in the context of the ongoing geopolitical developments.

The sources said apart from reviewing CPEC and bilateral ties, the two sides would discuss President Xi’s potential visit to Pakistan.

The Chinese president last visited Pakistan in 2015.

The sources added that initially Pakistan was keen to have President Xi attend the 10-year CPEC celebrations but was now looking to invite him to the country after the parliamentary elections.

President Xi’s likely visit sometime after the elections will kick off the next phase of CPEC.

Pakistan has set up a Special Investment Facilitation Council (SIFC) to attract foreign investment, revive the economy and address the country’s balance of payment crisis on a long-term basis.

China will be one of the countries Pakistan is looking towards for the success of this initiative.

The visit of the Chinese vice premier will renew Pakistan’s resolve to stick to its long-term strategic partnership despite the concerns of the West, particularly those of the US.

Pakistan is trying to avoid any negative fallout of the deepening China-US rivalry.
Islamabad has publicly maintained that it wanted to maintain cooperative relationship with all powerful countries.

Pakistan has repeatedly stated that it did not wish to become involved in bloc politics.

Many observers, however, feel Pakistan’s interests seem to be aligned with China in the long run.

It was because of this reason that Pakistan stayed away from the US democracy summit.

Islamabad twice skipped US President Joe Biden’s initiative as Washington invited Taiwan to the summit – a move that China perceived as crossing its red line.

The visit of the Chinese vice premier to Pakistan is poised to draw significant attention from Western countries and Beijing’s adversaries.