12/15/2023 0 Comments While shanghai is rapidly becoming a well-connected global city-region, its main limitation isWhile less well-represented, other Middle Eastern cities are drawing in Chinese institutions and banks to facilitate the tremendous trade growth. Dubai is ground zero, with the Middle East’s largest Chinese community of between 200,000 and 300,000 and more than 4,200 Chinese businesses.ĭubai hosts branches of China’s four largest banks as well as a currency swap center that moved nearly $7 billion worth of transactions in Chinese yuan in 2018. Increased trade has been accompanied by a growth in Chinese financial institutions throughout the region. In Middle Eastern states without energy wealth, the trade is less even, with China consistently among the top five sources of imports and considerably lower as an export destination. It has become a major trading partner with Middle Eastern energy exporters, which is not surprising given China’s status as the world’s largest energy consumer and importer.īut the trade sheet is not as one-sided as one would expect China sells a lot back to them, making for a relatively balanced trade relationship. Much of what China has been doing in the region has had an economic focus. These visits all indicate a deepening set of bilateral relationships, long in the making, that are resulting in China becoming a major economic and political actor in the Middle East. While in town, each signed a series of big contracts and ambitious memorandums of understanding. The traffic from Middle Eastern capital cities to Beijing has been heavy in 2019.Įgypt’s President Abdel Fattah el-Sisi, Qatari Emir Tamim bin Hamad, and crown princes Mohammad bin Salman (Saudi Arabia) and Mohammed Bin Zayed (United Arab Emirates) have all visited China.
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