China, Arab countries to enhance cooperation, says Xi

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01:00

China and the Arab countries have agreed to establish a future-oriented strategic partnership of comprehensive cooperation and common development, and will enhance cooperation in an array of fields including transportation infrastructure, finance, energy, technology, among others.

Chinese President Xi Jinping made the announcement in his keynote speech at the opening ceremony of the eighth ministerial meeting of the China-Arab States Cooperation Forum (CASCF) held in Beijing on Tuesday.

This marks a new historical starting point for Sino-Arab cooperation and friendship, Xi said.

"The Arab world is strategically located, and blessed with abundant energy resources. With our strong complementary and converging interests, China and Arab countries must synergize our development strategies, in pursuing our respective dreams of rejuvenation," he said.

China will bring huge opportunities to Arab countries

00:42

In the next five years, China is expected to import eight trillion US dollars worth of goods from the Arab countries and invest over 750 billion US dollars, which will bring real opportunities and benefits to the Arab world, Xi said.

He also announced that China is setting up a special program for economic reconstruction through industrial revitalization. Under the framework of the program, China will extend loans in accordance with commercial principles to projects with good employment opportunities and social benefits to countries with reconstruction needs in the Arab world.

Stay focused on connectivity

The two sides must stay focused on connectivity, Xi said. China welcomes opportunities to participate in the development of ports and the construction of railway networks in the Arab world.

And China will support Arabs' efforts in building a logistic network connecting central Asia with East Africa, as well as the Indian Ocean and the Mediterranean.

Besides, the two sides need to work together to build a maritime cooperation center to boost the development of ocean industry, enhance the ability to provide ocean-related public services, and to build a blue economy corridor, he noted.

Financial cooperation

China supports establishing a financial platform to diversify sources of funding for the construction of industrial parks, Xi said.

The Chinese government also supports Chinese securities institutions to partner with Arab states sovereign funds and regulatory bodies, to build an international trading platform that is based in the Gulf region, which radiates out across the Middle East and North Africa, and attracts investment from around the globe.

By facilitating the free flow of production factors, efficient allocation of resources and deep integration of market, the platform can better serve the “Belt and Road” constructions.

Moreover, to stimulate exchanges and cooperation between financial institutions, China will set up a “China-Arab States bank consortium” for financial cooperation between the two sides, he announced.

Energy cooperation

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Energy cooperation between the two sides needs to be driven by both oil and gas and low-carbon energy, Xi said.

China and the Arab countries will continue their "oil and gas plus" model to intensify energy cooperation across the entire industrial chain comprising of oil and gas exploration, refinery, storage and transportation, he said.

In the meantime, the two sides also need to strengthen cooperation in the peaceful use of nuclear energy, as well as solar, wind and hydro power.