China, GCC states urged to align plans for growth

President Xi Jinping has said that China stands ready to promote solidarity and pursue cooperation with countries of the Gulf Cooperation Council to write a new chapter in China-GCC relations.

Xi made the remark in a congratulatory letter sent to the China-GCC Countries Forum on Industrial and Investment Cooperation, which opened on May 23 in Xiamen, Fujian province. The letter was read out at the forum by Vice-Premier Ding Xuexiang.

China and GCC countries enjoy a long history of friendly exchanges, Xi said, noting that in 2022, the first China-GCC Summit opened up new prospects for deepening cooperation between the two sides.

Xi said that deepening industrial and investment cooperation between China and GCC countries will help strengthen the alignment between the Belt and Road Initiative and the development strategies, visions and plans of GCC countries.

It will also help China and GCC countries make use of their own advantages to complement each other, jointly foster new growth engines and promote shared prosperity and development, he said.

The GCC is a regional grouping based in Riyadh, the capital of Saudi Arabia, and comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. Formed in 1981, the council makes economic policies across these Gulf nations, some of which are among the world's top fossil fuel exporters.

The trade value between China and GCC countries reached $315.8 billion in 2022, solidifying China's position as the council's top trading partner and its pivotal role as the leading destination for petrochemical product exports from within the regional grouping, data from the Ministry of Commerce showed.

Wang Guangda, secretary-general of the China-Arab Research Center on Reform and Development, said the economic complementarity between China and GCC nations has laid a solid foundation for mutually beneficial cooperation.

China boasts a vast consumer market and a well-established industrial system, while the six Gulf nations possess abundant energy resources and are scaling up efforts to diversify their economies and their energy mix, Wang said. Furthermore, there is a growing focus on exploring new areas of cooperation, such as infrastructure development, technology transfer, tourism and financial services, he added.

UAE Vice-President Sheikh Mansour bin Zayed Al Nahyan said the strength, scale and level of investment and industrial cooperation between China and GCC countries represent a pillar of a promising and fruitful future. China and GCC nations are together capable of making significant contributions to the future of the global industry and investment, he added.