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China, Pakistan Agree To Launch $9.8 Billion High-Speed Rail Project

Pakistan's Prime Minister Shehbaz Sharif (left) meets Chinese President Xi Jinping in Beijing on November 2.

Chinese President Xi Jinping and Pakistani Prime Minister Shehbaz Sharif agreed on November 2 to launch a high-speed rail project that could cost $9.8 billion. A statement from Sharif’s office described it as “a project of strategic importance.” The project involves upgrading a 1,871-kilometer colonial-era track from Karachi to Peshawar to carry high-speed trains. Pakistan formally approved the project this week without saying where the funding would come from or providing technical details. The United States has criticized China for using what it calls “debt diplomacy” to make developing nations dependent on Beijing. To read the original story from Bloomberg News, click here.