There is strong bilateral trade, economic cooperation and ties between China and Pakistan over the years. The trade and commercial links established in January 1963 when both countries signed the first long-term bilateral trade agreement. According to 2013-2014 Economic Survey of Pakistan, the trade volume between these two countries has reached to USD 9.2 billion showing an increase of 124%.
Pakistan and China have signed many deals to help Pakistan to get out of economic stagnation. China has committed to build two 1100 megawatts nuclear power reactors in Karachi by providing USD 6.5 billion funding. China is funding Pakistan to build a wind power plant near Karachi with a total investment of USD 115 million. Further the Dawood wind power plant, expected to generate 130 million kilowatt-hours of electricity per year would meet need of 100,000 families in east of Karachi. In past, China has assisted Pakistan to build four nuclear power plants. Two with capacity of 320 MW and other two with capacity of 300 MV. Is is also building solar power project in Bahawalpur in Punjab with capacity of 900 MW on a 500 acre land.
The China Pakistan Economic Corridor (CPEC) would strengthen the trade and economic cooperation between these two countries. CPEC covers the connecting the Gwadar Port in Balochistan (Pakistan) to Kashgar in north-western China. The implementation of infrastructure and energy projects identified under CPEC is being completed on fast track basis. The first phase projects will receive USD 45.69 in commercial loans, and concessionary under the Silk Road Fund. The funding would include USD 33.79 billion for energy projects, USD 5.9 billion for railway network, USD 1.6 billion for Lahore Mass Transit, USD 66 million for Gwadar Port and USD 4 million for fibre optic project.
The pioneering project under the CPEC include Karot hydropower project generating 720 Megawatts and costing USD 1.65 billion and the down payment is under release. The short-term and prioritized projects include over USD 17 billion in investment. The projects besides Karot include Peshawar-Lahore-Karachi railway Line i.e. 1681 kilometers; Thar coal-fired power plants costing USD 2.8 billion and generating 1980 megawatts; development of Thar coal mining blocks worth USD 2.2 billions; the Gwadar to Nawabshah natural gas pipeline worth USD 2 billions; Port Qasim imported coal-based power plants worth 1320 megawatts and costing USD 2 billion; 900 Megawatts Solar Park in Bahawalpur costing USD 1.3 billions, Havelian-Islamabad link of Karakoram Highway costing USD 930 millions and wind farm of 260 Megawatts costing USD 260 million at Jhampir; and finally Gwadar International Airport costing USD 230 millions.
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