Pakistan and China moved their flagship partnership into a new phase, signing a 2024–2029 Joint Action Plan and vowing to accelerate CPEC 2.0. After talks in Beijing, both sides said they will work “closely” on five new corridors and fast-track big-ticket projects while broadening investment ties and exploring onshore renminbi funding via Panda Bonds.

What Was Signed

A government statement said the leaders “reaffirmed their shared resolve to further strengthen the iron-clad, all-weather strategic cooperative partnership,” noting the Joint Action Plan 2024–2029 as “an important step in this regard.” In the same readout, both sides agreed to “continue working closely on the next phase of upgraded CPEC 2.0, with its five new corridors.”

Five Corridors & Priority Projects

Officials flagged early implementation of the ML-1 rail upgrade, KKH realignment and Gwadar operations as headline items for CPEC 2.0’s launch. The talks also emphasised expanding B2B links after a conference that drew more than 800 companies from both countries.

A planning brief circulated in recent months described the five CPEC 2.0 corridors as focusing on growth, innovation, green development, livelihoods and regional connectivity—a pivot from pure bricks-and-mortar to higher-value

Financing & Panda Bonds

Islamabad signalled it will float Panda Bonds “soon” to diversify funding and deepen local-currency channels alongside traditional project finance. The move follows outreach to Chinese investors earlier this year.

Security & Implementation Risks

While political signals are positive, Beijing has repeatedly pressed for stronger protection of Chinese workers after past attacks on CPEC sites. During this week’s summitry, Chinese officials again urged improved security as projects scale up.