Yuan-based energy settlement with Gulf nations is priority, says China’s Xi

ISTANBUL (AA) – China’s President Xi Jinping has said Beijing has outlined five “priority” areas in its relations with Gulf countries for the coming years, including the settlement of bilateral oil and gas transactions in the Chinese yuan.

“China will continue to import more crude oil and LNG from GCC countries, strengthen cooperation with GCC countries in oil and gas development and clean and low-carbon technologies, and conduct RMB (yuan) settlement in oil and gas trade,” Xi said at the first China-Gulf Cooperation Council (GCC) summit on Friday.

He added that China is “setting up a new paradigm of all-dimensional energy cooperation” with the GCC countries.

The first such summit was held at the King Abdulaziz International Conference Center in Riyadh.

The Chinese president is in Saudi Arabia for the first time since 2016, where he met Arab leaders and attended the GCC summit.

Participants included Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud, Qatar’s Emir Sheikh Tamim bin Hamad Al Thani, Bahrain’s King Hamad bin Isa Al Khalifah, Kuwait’s Crown Prince Sheikh Meshaal Jaber Al Ahmad Al Sabah, Oman’s Deputy Prime Minister Sayyid Fahd bin Mahmoud Al Said, ruler of UAE’s Fujairah state Sheikh Hamad bin Mohammad.

“It was decided at the Summit to establish and strengthen a China-GCC strategic partnership,” said a statement issued by China’s Foreign Ministry.

Xi said China and the GCC would establish a forum as well as a center for the peaceful use of nuclear technology and a center for nuclear security demonstrations.

“China will provide training opportunities to GCC countries on the peaceful use of nuclear energy and technology,” he added.

China will focus on these “priority” areas in the next three to five years.

Urging “greater solidarity and consolidating political mutual trust between China and the GCC, Xi said the two sides should “firmly support each other’s core interests.”

“The two sides need to jointly uphold the principle of non-interference in internal affairs, practice true multilateralism, and defend the common interests of all developing countries,” he said.

Xi suggested that China and the GCC collaborate on financial regulation, set up a joint investment commission, and support various forms of cooperation between sovereign wealth funds from both sides.

The fifth priority, according to the Chinese president, is “nurturing new highlights in language and cultural cooperation.”

To achieve this goal, Xi said China will cooperate with 300 universities, middle and primary schools in GCC countries on Chinese language education, work with GCC countries to set up 300 Chinese language smart classrooms, provide 3,000 ‘Chinese Bridge’ summer/winter camp opportunities, and set up Chinese language learning and testing centers and online Chinese classes.