Prime Minister Shehbaz Sharif’s visit to China on November 1-2, which was aimed at putting the China-Pakistan Economic Corridor (CPEC), a flagship of Beijing’s Belt and Road Initiative (BRI), back on track, seems to have achieved its objective.

During the visit, Chinese President Xi Jinping assured Sharif that China would “inject new impetus” into the strategic cooperative partnership. In what appears to be a key highlight of Sharif’s trip, Xi also promised Pakistan support in stabilizing its financial situation.

Xi’s statements are encouraging as Pakistan has requested China to roll over its $6.3 billion in debts that are set to mature in the coming months. This will provide much relief to Pakistan, which is in the grip of a serious economic crisis.

During Sharif’s visit to Beijing, the two countries signed agreements covering a “broad range” of areas. They agreed to enhance cooperation on CPEC, including pushing its expansion to Afghanistan. In addition, they decided to launch a $10 billion high-speed rail project linking Karachi to Peshawar. Sharif’s office described it as “a project of strategic importance” under CPEC. Beijing has also agreed to “export technology for a 160 km/hour high-speed railway train to Pakistan.” This is the first time that China will be exporting this technology to any country.

Xi told Sharif that the development of Gwadar Port, a flagship project of CPEC, should be accelerated and “conveyed his hope that Pakistan will provide a reliable and safe environment for Chinese institutions and personnel working on cooperation projects.”