Pakistani Prime Minister Shahbaz Sharif speaks during a ceremony to mark a decade of the signing of the China-Pakistan Economic Corridor (CPEC) in Islamabad, Pakistan, on July 5, 2023. (Xinhua/Jiang Chao)

Pakistani Prime Minister Shahbaz Sharif said on Wednesday that the China-Pakistan Economic Corridor (CPEC), a flagship project of the China-proposed Belt and Road Initiative (BRI), has been playing a pivotal role in transforming Pakistan's economic landscape.

The implementation of a number of multi-billion-dollar development projects under the CPEC has brought socio-economic benefits to Pakistan and helped the country progress in the region and beyond, Sharif said while addressing a ceremony to mark a decade of the signing of CPEC.

Launched in 2013, the CPEC is a corridor linking the Gwadar port in southwestern Pakistan with Kashgar in northwest China's Xinjiang Uyghur Autonomous Region, which highlights energy, transport, and industrial cooperation.

Over the past 10 years, the CPEC has gathered momentum unheard of in Pakistan's economic history with complete support from the Chinese leadership, the prime minister said.

"The CPEC is all about a story of hard work and untiring commitment between the leadership of Pakistan and China," he said, adding that Pakistan ushered in a new era of development with the completion of hundreds of projects under the umbrella of CPEC, including energy and infrastructure projects.

Highlighting the tireless efforts made by the Chinese and Pakistani staff working on the CPEC projects, Sharif said that thousands of Chinese workers along with their Pakistani counterparts worked day and night and completed many projects ahead of schedule, reflecting unparalleled commitment and exuberance of the two sides.

He said that the pace of work on the CPEC projects will be further expedited in the coming days, and the cooperation between the two countries is being enhanced in various areas including agriculture, special economic zones, information technology, and exploration of mineral resources.

The prime minister also thanked the Chinese government for supporting Pakistan during the financial crisis, underlining the financial support by China including the rollover of its loans.