DOHA (Pakistan Point News / Sputnik - 10th December, 2022) Beijing and Arab countries of the Persian Gulf are working to develop payments in national currencies, Chinese President Xi Jinping said on Friday.
"China and the Gulf states are making concerted efforts to activate payment systems in local currencies," Xi said at the China-Gulf summit in Riyadh.
China's president also noted that China and the Gulf countries intended to further improve their economic cooperation and proposed to establish a Chinese investment council in the region.
On Wednesday, the Chinese leader arrived in Saudi Arabia on a state visit that will last until December 10. During his trip, Xi is attending the China-Gulf Cooperation Council summit, as well as the first-ever Sino-Arab summit, which is an "epoch-making milestone" in the development of Sino-Arab relations, according to Chinese Foreign Ministry spokeswoman Mao Ning.
