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The first China-Gulf Cooperation Council (GCC) Summit will be the gathering of leaders from China and the GCC, which comprises six gulf nations: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).
Endowed with rich energy resources, including 30 percent of the world's oil reserves and 20 percent of the global natural gas reserves, GCC countries are an energy tank for world economy. The heart of China-GCC strategic cooperation is oil and gas and China has remained the GCC's largest export market of petrochemical products, but the scope of China-GCC comprehensive strategic cooperation is far beyond that.
A screen display about the China-Gulf Cooperation Council Summit on a street in Riyadh, Saudi Arabia, December 7, 2022./Xinhua
The GCC countries are pursuing an economic diversification strategy and China has become a significant partner especially in hi-tech areas, like the 5G powered digital technology. Most of GCC telecom firms have signed 5G contracts with Huawei to advance the digital transformation. Cooperation in smart manufacturing, clean energy, cross-border currency swap and Chinese yuan settlement, and space exploration have become a major driving force in China-GCC cooperation.
China and the GCC countries have agreed to resume free trade talks and clinch a deal as soon as possible to enhance the cooperation in digital economy and many more hi-tech areas.
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Copyright © 2023 CGTN. 京ICP备16065310号
Disinformation report hotline: 010-85061466