Staff Report
BEIJING: The first-ever China-Arab Summit and China-Gulf Summit to be held in Saudi Arabia at the end of December will bring new opportunities for regional development, especially to the Arab world.
Both summits will attract the attention of the whole world, the co-director of the Greater Bay Area Research Project Li Chen wrote in an article. He said that China and the Arab world are completely able to synergize their development strategies.
The Arab countries’ development proposals and the Chinese Belt and Road Initiative (BRI) are strongly tied to each other while Chinese President XI Jinping’s concept of “sharing the development benefits” is considerably recognized and welcomed by the Arab world.
Li Chen said that the resource markets of China and Arab countries have a great potential for integration. Both sides have consolidated cooperation in the sectors of petrochemicals and oil.
China-Gulf Summits to Bring New Opportunities
Also, China’s advancement in renewable energy and resources can bring more important solutions to Arab world as it will help their economic structural transformation. China and Arab world will further increase cooperation in big infrastructure projects.
China-Arab vaccine cooperation opens new horizons
He said that China and the Arab countries also cooperated in Covid-19 prevention as the Arab world utilized Chinese vaccines in their fight against the pandemic.
Arab countries used these vaccines for their own people and exported them to African countries, opening new horizons for a global medical industry.
China and the Arab world summit have long-standing historical relations and partnerships for consolidating regional stability, security, development, and prosperity.
There are frequent high-level exchanges summits that reflect the importance of these relations.
China has also one of the biggest trading partners of the Arab countries. Its trade with Arab countries reached a record level of 240 billion US dollars in 2020.
