China has recently issued its first Arab Policy Paper. (Photo : Reuters)
Issued on Wednesday, the landmark Arab Policy Paper of China sets out the country's development strategies with Arab states, the Xinhua News Agency reported.
The paper, first of its kind, mirrors China's willingness to coordinate schemes on how to tap each nation's advantages and potentials. It stated that the country is committed to having a pragmatic agreement anchored to the principle of win-win results and mutual benefit with Arab states.
In the paper, China also acknowledged Arab countries as its biggest supplier of crude oil and its seventh biggest trading partner. It further lauded the warm reception of Arab nations to the government's initiatives including the "Silk Road Economic Belt" and the "21st Century Maritime Silk Road."
The Xinhua report noted that through jointly pursuing the said initiatives, China vows to cooperate with Arab countries to "promote international production capacity cooperation and enhance cooperation in the fields of infrastructure construction, trade and investment facilitation, nuclear power, space satellite, new energy, agriculture and finance."
The paper described the cooperation as a new mechanism that highlights reciprocality and openness.
"We encourage and support the expansion and optimization of mutual investment by enterprises from the two sides," the paper said, adding that the Chinese government is always ready to offer foreign-aid loan to Arab states.
"We will strengthen exchanges and consultations between Chinese and Arab trade authorities, complete China-GCC FTA negotiations and sign a free trade agreement at an early date. We will jointly build the China-Arab clean energy training center and develop all-round cooperation in related areas," the paper stated.
The Arab Policy Paper also promised that the country will be actively engaged in major projects aimed at improving the infrastructure of Arab nations. Space cooperation with Arab countries will also be strengthened and prioritized.
"We will be actively engaged in cooperation covering the whole nuclear industrial chain," the paper said, adding that both China and the Arab states will boost their partnership in basic scientific research.
Meanwhile, on the aspect of finance, the paper noted that China will support the establishment of branches in each country by qualified financial institutions from both sides, and multi-sector operation cooperation, as well as strengthened exchanges and cooperation between regulators.
The paper added that Arab countries are also welcome to join the China-led Asian Infrastructure Investment Bank.
