Xi promises aid, support for Palestine, eyes investment in Arab World

By Al Mayadeen English
Source: Agencies
30 May 2024 12:37
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China's President Xi Jinping makes a set of promises on Palestine and bilateral relations with Arab countries, as Beijing aims to bolster relations in the region.

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Chinese President Xi Jinping delivers a speech at the opening ceremony of the 10th ministerial meeting of the China-Arab States Cooperation Forum at the Diaoyutai State Guesthouse in Beijing, China, on May 30, 2024. (AP)

China's President Xi Jinping said that the war on Gaza "should not continue indefinitely," reiterating his government's support for the establishment of an independent Palestinian state.

Xi stressed that "Justice should not be absent forever," adding that "commitment to the two-state solution should not be wavered at will."

He made the remarks during the China-Arab States Cooperation Forum in Beijing, where he announced that his country would increase its financial support to the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) by $3 million, aimed at ensuring aid deliveries to the besieged Gaza Strip. Moreover, President Xi revealed that Beijing will commit 500 million yuan, around $70 million, for post-war reconstruction of the Gaza Strip, as well as to reduce the effects of the Israeli war on Gaza.

He said that China "firmly supports the establishment of an independent State of Palestine that enjoys full sovereignty on the 1967 borders with East Jerusalem (al-Quds) as its capital."

In this context, Xi called for an "authoritative and effective international peace conference," that would ensure the aforementioned objectives of Palestinian statehood and Palestine's dull member status in the United Nations.

The forum is being attended by Bahrain's King Hamad al-Khalifa, Egyptian President Abdel Fattah el-Sisi, Tunisian President Kais Saied, the United Arab Emirates President Sheikh Mohamed bin Zayed al-Nahyan, and Syria's Foreign Minister Faisal Mekdad, as well as other representatives of Arab states.

China ready to invest heavily in Arab world, achieve model relations

As for the Middle East region as a whole, Xi said that the region "is a land bestowed with broad prospects for development, but the war is still raging on it."

He said that Beijing is "willing to stand in solidarity" with Arab states, while it reinforces Chinese-Arab relations and transforms them "into a model for maintaining world peace and stability."

"China is willing to work with the Arab states to explore ways to resolve hotspot issues that are conducive to upholding fairness and justice and to achieving long-term peace and stability," the head of the Chinese state explained.

Financial investment will be facilitated

In terms of financial investment, Xi said that the framework for investment and finance cooperation with Arab countries will be expanded, including in the banking sector. He pointed to the huge annual turnover of $400 billion between China and Arab countries, which made China the largest trade partner of the Arab world.

The president promised to expedite cooperation projects that are financed by special loans in support of industrialization in the Middle East.

"China supports closer cooperation between financial institutions from the two sides, welcomes Arab states to issue panda bonds in China, and welcomes Arab banks to join the Cross-border Interbank Payment System. China is also ready to deepen exchanges and cooperation on central bank digital currency with the Arab side," he said.

Energy sector a main target for Chinese cooperation

Furthermore, the Chinese president said that Beijing will look to further cooperate with Arab states on several fronts, including the oil and gas fields, as well as larger-scale production investments.

Xi promised support for Chinese energy companies and financial institutions to participate in renewable energy projects with a total installed capacity of more than 3 million kilowatts in Arab countries.

China is a massive buyer of Gulf energy. In 2023, bilateral trade between China and the Gulf stood at $286.9 billion, according to Chinese customs data, with Saudi Arabia accounting for nearly 40% of that trade.

Xi also proposed the establishment of the China-Arab Center of Global Civilization Initiative, which would bolster bilateral relations between the two sides. He also explained that China would invite 200 leaders of Arab political parties, each year, to visit the country.