China signs Belt and Road cooperation documents with 18 Arabian countries

China has signed cooperation documents on jointly building the Belt and Road with 18 Arabian countries, the Ministry of Commerce (MoC) said Friday, reports Xinhua.

China-Arab joint efforts to push forward cooperation on the Belt and Road has reached notable achievements, showing great potential and broad prospect, Vice Minister of Commerce Qian Keming told a press conference of the fourth China-Arab States Expo.

In 2018, bilateral trade volume between China and Arabian countries reached 244.3 billion US dollars, jumping 28 per cent year on year.

Chinese enterprises signed 35.6 billion dollars of new project contracts in Arabian countries, with a yearly increase of 9 per cent, while direct investment from Chinese companies in Arabian countries totaled 1.2 billion dollars, involving sectors such as energy, infrastructure and manufacturing.

Qian said China will further strengthen connections of development strategies with Arabian countries so as to jointly build the Belt and Road.

Chinese enterprises and financial institutions are encouraged to deepen cooperation with the Arabian side in sectors of port, railway, electricity and telecommunications, said Qian.

More efforts should be made to promote cooperation between the two sides in fields of low-carbon energy, finance and high technologies, he added.

The fourth China-Arab States Expo will be held in Yinchuan city, northwest China's Ningxia Hui Autonomous Region, from Sept. 5 to 8.

The expo will focus on fields including cross-border e-commerce, infrastructure as well as trade and investment, aiming to promote mutually beneficial cooperation between China and Arabian countries in these areas.

Meanwhile, profits of China's banking sector are expected to maintain steady this year, with faster growth in asset scale and ample liquidity, according to an industry report.

The 2018 net profit of commercial banks reached 1.83 trillion yuan (around 266.6 billion US dollars), up 4.7 per cent year on year, said the report released by the China Banking Association.