China’s President Xi Jinping said in Riyadh yesterday that China and Gulf nations should make full use of the Shanghai Petroleum and National Gas Exchange as a platform to carry out yuan settlement of oil and gas trade.
China and GCC states are natural partners for co-operation, Xi said in a speech at the China-GCC summit.
“China will continue to import large quantities of crude oil from GCC countries, expand imports of liquefied natural gas, strengthen co-operation 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 co-operation 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 co-operation 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 co-operate in various forms,” Xi said.
China will also establish bilateral investment and economic co-operation working mechanisms, carry out local currency swap co-operation and deepen digital currency co-operation, he said.
In his speech, Xi also called on China and GCC nations to be partners in promoting unity, development and security.