China and Egypt have forged a friendship featuring equality and mutual trust, amity and mutual learning, solidarity and mutual support, as well as win-win cooperation, said a joint statement issued on Wednesday.

During Chinese President Xi Jinping's state visit to Egypt, the two countries released the joint statement on further deepening their comprehensive strategic partnership.  

In the statement, President Xi and Egyptian President Abdel Fattah El-Sisi agreed to strengthen coordination on global governance and safeguard the interests of developing countries and the Global South.

China appreciates Egypt's adherence to the principle of strategic balance and believes that the principle supports multilateralism, it said.

The two sides agreed to encourage Chinese companies to actively pursue cooperation on industry localization, support Egypt's digital transformation and sustainable development, according to the statement.

The two heads of state also encouraged more trade and investment settlement in the currencies of the two countries. They welcomed the renewal of a bilateral local currency swap agreement and the expansion of the swap amount.