Xi calls on China, GCC states to build multidimensional energy cooperation paradigm

Chinese President Xi Jinping on Friday called on China and states of the Gulf Cooperation Council to build a multidimensional energy cooperation paradigm.

In his speech at the China-GCC summit held here, Xi said China will continue to import more crude oil and liquefied natural gas from GCC countries and strengthen cooperation in oil and gas development as well as in clean and low-carbon energy technologies.

He also called on the two sides to carry out oil and gas trade settlement in RMB.

"China will continue to import large quantities of crude oil from GCC countries, expand imports of liquefied natural gas, strengthen cooperation in upstream oil and gas development, engineering services, storage, transportation and refining, and make full use of the Shanghai Petroleum and National Gas Exchange as a platform to carry out yuan settlement of oil and gas trade," he said.

In his speech, Xi proposed other areas for cooperation in the next three to five years, including finance and investment, innovation and new technologies, as well as aerospace, and language and cultures.

"China is willing to carry out financial regulatory cooperation with GCC countries, facilitate GCC enterprises to enter China's capital market, establish a joint investment association with GCC, support sovereign wealth funds of both sides to cooperate in various forms," Xi said.

China will also establish bilateral investment and economic cooperation working mechanisms, carry out local currency swap cooperation and deepen digital currency cooperation, he said.

In his speech, Xi also called on China and GCC nations to be partners in promoting unity, development and security.