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China, UAE Sign Agreements to Strengthen Bilateral Ties

China, UAE Sign Agreements to Strengthen Bilateral Ties

Chinese President Xi Jinping meets with Sheikh Mohammed Bin Zayed Al-Nahyan, crown prince of Abu Dhabi of the United Arab Emirates, in Beijing, capital of China, Dec. 14, 2015. [Photo: Xinhua]

A series of cooperation deals have been inked between China and the United Arab Emirates.

The deals were signed as Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi, is paying a four-day official visit to China.

During a meeting with the Crown Prince, Chinese President Xi Jinping hailed the ever-growing ties between the two countries.

"China regards UAE as a good friend and partner in the gulf region. I hope the two sides will boost practical cooperation within the framework in pursuit of reciprocity and common development."

The two sides have agreed to set up a 10-million dollar fund to make strategic deals around the world.

Deng Li with the Chinese Foreign Ministry says specific investment projects have not yet been approved.

"It's mainly used to invest in China and the UAE as well as for trilateral cooperation in Africa. It's a new move aimed at future development. Involved projects are still in negotiation. Generally speaking, it targets energy, infrastructure construction, and high end industries. "

The two sides have also pledged to boost practical cooperation within the framework of the Belt and Road Initiative.

Sheikh Mohamed says UAE is seeking cooperation.

"UAE is committed to the strategic partnership with China. Especially at present stage, we would like to work with China to carry forward the one belt, one road initiative."

As part of the results, the two sides also signed a memorandum of cooperation on RMB clearing in the UAE and agreed on expanding the RMB Qualified Foreign Institutional Investor program to the UAE at a quota of 50 billion yuan.

In addition, China's central bank on Monday extended a currency swap agreement with the central bank of the United Arab Emirates, allowing the two sides to exchange payments in one currency for equivalent amounts in the other.

In aviation, Emirates Airline is expected to launch four weekly flights to Chinese provincial capitals Zhengzhou and Yinchuan next year.

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