Mubasher: The UAE and China have signed a memorandum of understanding (MoU) to endorse the mutual economic and financial collaboration through the establishment of a formal platform for both sides to work closely.
The agreement was signed between Abu Dhabi Global Market (ADGM) and Hainan Provincial Government to boost financial development and growth through Hainan Free Trade Zone and ADGM’s international financial centre and financial free zone, according to a recent press release.
“Dovetailing well with the 2019 Boao Forum for Asia Annual Conference, this is the first such financial and economic cooperation between Hainan Provincial Government of the People’s Republic of China and the Middle East region,” the press release said.
The UAE-Chinese agreement covers key aspects including, the opening up and development of the financial sector within the Hainan Free Trade Zone, the development of the financial and commercial regulatory infrastructure and framework in the free trade zone, joint investment and financing initiatives in support of the Belt and Road Initiative, legislative and dispute resolution support from the UAE side.
"To establish a world-class free trade zone, we will be enhancing our business infrastructure and environment, advocating an international legal jurisdiction and framework to strengthen the competitiveness of Hainan Free Trade Zone and contributing towards the economic growth of Hainan Province,” Liu Cigui, secretary of Hainan Provincial Committee of the Central Party Committee of China, said.
CEO of financial services regulatory authority of ADGM Richard Teng, commented: “Together with the Hainan Provincial Financial Supervision Bureau, we will also work tirelessly to enable mutual growth and development of the financial services industry. Our partnership will create more business and investment opportunities connecting China and the Middle East and Africa region.”
