GCC Secretary-General: Growing economic ties with China reflect depth of shared interests

Riyadh, October 14 (KUNA) – The Secretary-General of the Gulf Cooperation Council (GCC), Jassem Al-Bedaiwi, said on Wednesday that the growing economic ties between the GCC member states and China reflect the depth of shared interests and the promising opportunities for both sides. He noted that financial and banking cooperation constitutes a cornerstone of this partnership, as it facilitates trade and investment, enhances interconnection among financial markets, and supports monetary and financial stability.

The GCC Secretariat General stated in a press release that these remarks were made by Al-Bedaiwi during a joint meeting of the central bank governors of the GCC member states with Pan Gongsheng, Governor of the People’s Bank of China. The meeting was held in Bangkok, the capital of Thailand, under the chairmanship of Khalid Humaidan, Governor of the Central Bank of Bahrain, on the sidelines of the 2026 meetings of the International Monetary Fund (IMF) and the World Bank.

Al-Bedaiwi emphasized that rapid global transformations and growing geopolitical, economic, and technological challenges underscore the importance of strengthening cooperation among financial and monetary institutions, and developing more efficient and resilient financial systems. Such measures would preserve economic stability, enhance the capacity to confront challenges, and enable the exploitation of future opportunities.

He pointed out that cooperation between the central banks of the GCC member states and the People’s Bank of China has witnessed significant progress since the launch of their joint dialogue in September 2021, followed by the adoption of a joint action plan and the implementation of specialized programs and workshops in financial and banking fields. This culminated in the meeting held in AlUla in February 2025, which marked an important milestone in expanding the scope of cooperation and strengthening the partnership between the two sides.

Al-Bedaiwi stressed that shared ambitions go beyond exchanging knowledge and expertise to building a more integrated and effective financial and banking partnership. This partnership would be based on enhancing financial and investment cooperation, developing cross-border payment and settlement systems, and expanding collaboration in the fields of financial technology, innovation, and cybersecurity. These efforts would raise the efficiency of financial systems and strengthen economic interconnection between the two sides.

He affirmed that realizing these ambitions requires moving from dialogue and understandings to practical initiatives that yield tangible results, through clear prioritization and the establishment of effective mechanisms for implementation and follow-up. He reiterated the GCC Secretariat General’s readiness to continue supporting this path and enhancing coordination among the relevant institutions on both sides, thereby contributing to the achievement of shared objectives. (End)