BEIJING: China will continue to support Pakistan in stabilising its financial situation, state media quoted China’s President Xi Jinping as saying on Wednesday.

China and Pakistan should move forward more effectively with the construction of their economic corridor, as well as accelerate the construction of infrastructure for the Gwadar Sea Port, state media reported.

Moreover, China’s central bank said on its website on Wednesday it had signed a memorandum with the State Bank of Pakistan to establish an RMB clearing arrangement in Pakistan.

The state broadcaster CCTV reported that China will export technology for a 160 km/h high-speed railway train to Pakistan.

A first batch of 46 train carriages has been loaded and will be shipped on November 3.

Parts for another 184 carriages will be delivered to Pakistan to assemble, the report said, adding this is the first time China has exported the technology.

Boosting CPEC

Prime Minister Shehbaz Sharif and Chinese President Xi Jinping agreed on Tuesday to strengthen multilateral cooperation in diverse areas including the multi-billion dollar China-Pakistan Economic Corridor (CPEC) project and strategic partnership.

The two leaders met at the People’s Great Hall of China and discussed broad-based cooperation in economy and investment besides exchanging views on regional and global developments.

PM Shehbaz and President Xi expressed the desire to further promote the ‘All-Weather Strategic Cooperation Partnership’ between their countries.

Shehbaz, who arrived in Beijing Tuesday on a two-day official visit, is among the first leaders to visit China following the historic 20th National Congress of the Communist Party (CPC) of China that elected Xi Jinping as general secretary of the party.

The two sides would sign a series of outcome documents during the visit, Chinese Foreign Ministry spokesperson Zhao Lijian said in response to a query during press briefing on Tuesday.

Pakistan’s discussions with China would focus on the revitalization of CPEC among many other things.

“The phase of CPEC promises to usher in a new era of socio-economic progress that will uplift the quality of our people’s lives. There is a lot to learn from the Chinese economic miracle,” PM Shehbaz had tweeted before leaving for the China trip.