Pakistan to get high-speed train technology from China

China will export the technology for a 160kmph high-speed railway train to Pakistan, state broadcaster CCTV said on Wednesday.

The 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.

The announcement comes as China's President Xi Jinping met Pakistan's Prime Minister Shehbaz Sharif in Beijing on Wednesday.

The developments and projects in Pakistan, a longtime Chinese ally, are part of Xi's Belt and Road Initiative (BRI) to improve China's road, rail and sea routes with the rest of the world.

China will continue to support Pakistan as it tries to stabilise its financial situation, state media quoted Xi as saying.

Pakistan had been struggling with a balance of payments crisis even before devastating floods hit the country this summer, causing it an estimated $30 billion or more in losses.

Pakistan was expected to seek debt relief from China, particularly the rolling over of bilateral debt of around $23 billion.

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China's central bank and the National Bank of Pakistan have signed a memorandum of cooperation recently for the establishment of RMB clearing arrangement in Pakistan, in a bid to facilitate the use of RMB for cross-border transactions by enterprises and financial institutions in both countries, the People's Bank of China (PBOC) said on Wednesday.

The two countries should also move forward more effectively with the construction of their economic corridor, as well as accelerate the construction of infrastructure for the Gwadar Sea Port, Xi told Sharif during their meeting at the Great Hall of the People.

China has been involved in major mining and infrastructure projects in Pakistan, including the deep-water Gwadar port, all part of the $65 billion China-Pakistan Economic Corridor (CPEC).

Xi added that the countries should work together to create conditions for the early implementation of the Mainline-1 (ML-1) railway upgrading project and the Karachi Circular Railway project.

China welcomes Pakistan to expand high-quality agricultural exports to the country, and is willing to deepen cooperation in areas including the digital economy, e-commerce, photovoltaic and other new energy sources, Xi said.

Sharif was one of the first leaders to meet Xi since he secured in October a third term as leader of the ruling Communist Party.

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• Pakistan