GCC chief highlights deepening economic partnership with China

Jassem Mohammed Al-Budaiwi, Secretary-General of the Gulf Cooperation Council, said that the growing economic ties between GCC countries and China reflect the depth of their shared interests and promising opportunities. He noted that both sides are seeking a more integrated financial and banking partnership to expand prospects for trade and investment.

Al-Budaiwi made these remarks during a joint meeting of central bank governors from GCC countries and the governor of the People's Bank of China, held today in Bangkok, Thailand.

He explained that financial and banking cooperation forms a cornerstone of this partnership, playing a key role in facilitating trade and investment, strengthening links between financial markets, and supporting monetary and financial stability.

Al-Budaiwi added that rapid global changes and geopolitical, economic, and technological challenges underscore the importance of closer cooperation between financial and monetary institutions, as well as the development of more efficient and flexible financial systems to maintain economic stability and address future challenges.

Significant progress in financial and banking cooperation

The Secretary-General noted that cooperation between GCC central banks and the People's Bank of China has made notable progress since the start of their joint dialogue in September 2021. This has included the adoption of a joint action plan, implementation of specialized programs and workshops, and culminated in the AlUla meeting in February 2025, which marked a key milestone in expanding cooperation and strengthening the partnership.

Al-Budaiwi stressed that shared ambitions go beyond exchanging knowledge and expertise to building a more integrated and effective financial and banking partnership. This includes developing cross-border payment and settlement systems, expanding cooperation in financial technology, innovation, and cybersecurity, and enhancing the efficiency of financial systems and economic connectivity.

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He emphasized that achieving these ambitions requires moving from dialogue to practical initiatives that deliver tangible results, through clear priorities and effective implementation mechanisms. He reaffirmed the GCC Secretariat's readiness to support this process and strengthen coordination between relevant institutions on both sides.