China and Saudi Arabia agreed Thursday to further boost financial cooperation.

 

中国与沙特阿拉伯将进一步加强金融合作。

 

The two countries will enhance communication and coordination¹ of macro policies, develop the synergy between the Belt and Road Initiative and the Saudi Vision 2030 reform plan through the financial sector² and promote inclusive growth and sustainable development of both countries, according to the meeting of a financial sub-committee under a high-level committee to coordinate³ bilateral⁴ cooperation.

 

At Thursday's meeting, jointly⁵ chaired by Chinese vice⁶ finance minister Zou Jiayi and her Saudi Arabian counterpart Harmad Al-Bazai, the two sides agreed to support multilateralism, step up policy communication and support under multilateral mechanisms⁷ and cooperate to enhance the effectiveness of multilateral mechanisms.

 

The two countries will support reform of the World Bank and the International Monetary⁸ Fund and support new multilateral development institutions such as the Asian Infrastructure⁹ Investment Bank to play more active roles.

 

They will also boost settlement in local currencies and cross-border bond issuance as well as encourage their financial institutions to expand businesses in each other's market.

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