China to expand investment and finance cooperation, promote mutually beneficial trade ties with Arab states: Xi
Published: May 30, 2024 02:37 PM
Photo: Xinhua

Photo: Xinhua

Chinese President Xi Jinping said on Thursday China is ready to expand investment and finance cooperation, enhance a multifaceted framework for energy cooperation and promote a balanced framework for mutually beneficial economic and trade tie with Arab states.

Xi made the remarks as he delivered a keynote speech at the opening ceremony of the 10th Ministerial Conference of the China-Arab States Cooperation Forum. 

China supports a closer cooperation between financial institutions from the two sides, welcomes Arab states to issue panda bonds in China, and welcomes Arab banks to join the Cross-border Interbank Payment System. Additionally, China is ready to deepen exchanges and cooperation on central bank digital currency with the Arab side, Xi said.

China will further enhance strategic cooperation with the Arab side on oil and gas and is ready to work with the Arab side on new energy technology research and development and equipment production, supporting Chinese energy companies and financial institutions in participating in renewable energy projects in Arab states with total installed capacity of over 3 million kilowatts, Xi said. 

Xi added that China will continue to implement vigorously the development cooperation projects with a total worth of 3 billion yuan ($413.82 million), adding that it stands ready to accelerate the negotiations on bilateral and regional free trade agreements and advance the dialogue mechanism for e-commerce cooperation, welcoming active participation of the Arab side in the China International Import Expo, and is willing to expand import of non-energy products from the Arab side, especially agricultural products.

The China-Arab States Cooperation Forum has made remarkable achievements since its establishment 20 years ago, and has yielded important outcomes in multiple aspects.

China has been the top trading partner of Arab countries for many years, with trade volume increasing from $36.7 billion in 2004 to $398 billion in 2023, according to Xinhua News Agency reports. 

China has signed Belt and Road cooperation documents with all the 22 Arab countries and the Arab League, under which more than 200 major projects have been implemented, benefiting nearly 2 billion people on both sides.

Global Times