High optimism as China-Arab States Expo kicks off in Yinchuan
The sixth China-Arab States Expo kicked off in Yinchuan, capital of northwest China's Ningxia Hui autonomous region, on Thursday.
The sixth China-Arab States Expo kicked off in Yinchuan, capital of northwest China's Ningxia Hui Autonomous Region, on Thursday. The biennial event, running through Sunday, has attracted more than 1,000 domestic and foreign businesses.
Initiated in 2013, the expo has become an important platform for China and Arab states to forge pragmatic cooperation and to advance high-quality Belt and Road cooperation. This year, it is expected to lead to the signing of agreements on more than 400 projects totaling more than 170 billion yuan (US23.2 billion), a new record, according to the expo organizer.
"In recent years, China has made great progress in many fields such as technological application, the fourth industrial revolution, artificial intelligence and 3D printing, and we hope to give priority to such collaborations so that China's experience can benefit Saudi Arabia and other Arab states," Bandar Alkhorayef, Minister of Industry and Mineral Resources of Saudi Arabia, said while addressing the opening ceremony.
"China is now an important partner for us, and in recent years, our collaborations have further improved in many areas, based on our shared vision for partnership. We need to further enhance such trusted partnership, to realize stability and prosperity in the region, and to learn from China's advanced experience, especially in industrial fields."
China is now the Arab states' largest trading partner, with trade volume almost doubled in ten years to US$431.4 billion in 2022. Counting from 2004, bilateral trade has jumped almost 12 times, with an annual growth of 14.7 percent, according to data from the "Development Process of China-Arab States Economic and Trade Relations Annual Report," unveiled at the opening ceremony by Li Shaoxian, head of the Arab research institute at Ningxia University.
New foreign direct investment to Arab states from China increased 13.3 percent year-on-year in 2022, while new FDI from Arab states to China jumped nearly nine times.
Another report, "China-Arab States Trade and Economic Cooperation in the Framework of High-quality BRI Cooperation", was also unveiled at the ceremony by Qu Weixi, vice president of the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce.
The report is intended to "further promote healthy, in-depth and high quality China-Arab collaborations," according to Qu.
Zheng Jianbang, vice chairman of the Standing Committee of the 14th National People's Congress, expressed China's willingness to "build a strategic energy partnership featuring mutual benefits and long-term friendship, and to explore the possibility of a renminbi settlement for oil and gas trade."
The biennial event, running through Sunday, has attracted more than 1,000 domestic and foreign businesses.
