China, Saudi Arabia to boost financial cooperation

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

The two countries will enhance communication and coordination of macro policies, develop the synergy between the Belt and Road Initiative and the Saudi Vision 2030 reform plan through the financial sector 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 coordinate bilateral cooperation.

The flags of China and Saudi Arabia fly on the Tiananmen Square in Beijing on Feb. 21, 2019. [Photo: IC]

At Thursday's meeting, jointly chaired by Chinese vice 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 mechanisms and cooperate to enhance the effectiveness of multilateral mechanisms.

The two countries will support reform of the World Bank and the International Monetary Fund and support new multilateral development institutions such as the Asian Infrastructure 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.