Cross-border renminbi currency payment plays important role in China, Arab states trade: foreign ministry

Cross-border renminbi payment has played an important role in boosting trade between China and Arab states, the foreign ministry said on Friday.

Ministry of Foreign Affairs spokesperson Mao Ning made the remarks at a regular press briefing in Beijing in response to the first cross-border payment from Saudi Arabia to China's Yiwu city being completed ahead of the first China-Arab States Summit.

"Cross-border renminbi payment has played an important role in boosting trade between China and Arab states," Mao said. "This is also a telling snapshot of trade and investment facilitation between both sides."

"Over the past decade, China-Arab states economic and trade cooperation has scaled new heights. China is the Arab states' biggest trading partner."

China's foreign direct investment stock in Arab states hit $23 billion in 2021, an increase of 2.6 times over 10 years, the ministry spokesperson said. The trade volume topped $330.3 billion, 1.5 times more than 10 years ago.

"In the first three quarters of 2022, China-Arab states trade reached $319.295 billion, up 35.28 percent year on year and close to the total of the whole year of 2021," she said.

During his trip to Saudi Arabia, Chinese President Xi Jinping expressed his hope China would level up trade, investment and financial cooperation while also expanding e-commerce and digital cooperation with Saudi Arabia.

"We're confident that this visit will boost sustained, solid progress in China-Saudi Arabia cooperation for mutual benefits of higher quality and at a deeper level," Mao said.

The renminbi is the official currency of the People's Republic of China and one of the world's most traded currencies.

(Produced by Yu Dian and Xie Runjia)