BEIJING, Oct. 30 (Xinhua) -- When Mohammad Alhawi, undersecretary of the Ministry of Investment of the United Arab Emirates (UAE), talked of the "natural and indispensable" partnership with China in financial cooperation at a high-level forum held in Beijing, his remarks resonated with the attentive audience.

"The UAE and China share a partnership built not only on commerce, but on confidence and shared ambition," said Alhawi at the China-UAE Two-Way Investment and Financial Market Integration sub-forum, held during the Annual Conference of Financial Street Forum 2025 that took place from Oct. 27 to 30 in Beijing.

The UAE official stated that the partnership has stemmed from China's role as a major source of foreign direct investment for the UAE. Chinese companies have collaborated in financial services, green energy, logistics technology, and digital infrastructure, all of which are poised to shape the economies of the future.

According to the People's Bank of China (PBOC), China's central bank, the expanding financial cooperation between the two countries has been robust, reflected through bilateral currency swaps, UAE institutions' access to China's interbank bond market and investments in RMB assets, as well as digital currency cooperation.

In the first nine months of this year, the amount of cross-border RMB receipts and payments between China and the UAE reached 864 billion yuan (about 122 billion U.S. dollars). Meanwhile, the UAE's sovereign wealth fund has also been engaged in stock, bond, and private equity investments in China, according to the PBOC.

Addressing the sub-forum, Liu Jun, president of the Industrial and Commercial Bank of China, said that it has become a coincidental yet identical choice for Chinese enterprises to move westward and for Middle Eastern capital to look eastward.

"In China, whether it is the upgrading of traditional industries or the cultivation of future industries, there are always asset targets that satisfy investors. The investment of Middle Eastern capital in China is not merely a financial investment. It is often more strategic," Liu said, adding that the UAE, as a pivotal gateway to the Middle East and North Africa regions, has also become a highly sought-after destination for Chinese companies seeking to establish an overseas presence.

According to Alhawi, China remains one of the world's most dynamic investment destinations, underpinned by a sophisticated capital market, deep institutional expertise and a growing role in shaping global financial innovation.

Omar Hafeez, group head of international banking at the First Abu Dhabi Bank, said that as the UAE's leading global bank, it is well-positioned to become China's go-to bank for business.

Mentioning a global trend of currency diversity, Hafeez said that there has been a growing demand among trading partners to increase the use of their own currencies, which reflects a natural progression stemming from the need to reduce transaction costs, mitigate foreign exchange risks, and address settlement uncertainties.

He also expressed the bank's commitment to cooperation initiatives related to asset management collaboration and the RMB internationalization.

The China-UAE sub-forum on financial cooperation is one of more than 40 sessions held concurrently during the Annual Conference of the Financial Street Forum 2025. Bankers, company executives and policymakers engaged in in-depth discussions on topics such as global economic trends, financial governance, fintech, green innovation and risk control.

Based on the conference's agenda, discussions are geared toward driving financial cooperation at bilateral and multilateral levels and in areas such as global green transition and eldercare.

During a parallel forum on green finance in support of carbon peaking and carbon neutrality, Farhod Arziev, Uzbek Ambassador to China, said that the Central Asian country is transitioning toward a resource-conserving and environment-friendly development model, and is actively engaged in practical cooperation with international organizations and foreign partners, particularly with China.

He said that with the support of Chinese enterprises, Uzbekistan is implementing multiple green energy projects, including the construction of wind and solar power stations in various regions across the country.

At the same parallel forum, guest speaker Chris Wei, chief client and innovation officer of Sun Life Financial Inc., a Canadian financial services company, analyzed emerging market opportunities arising from demographic shifts.

He said that over the next decade, China's senior citizen population will expand by another 100 million, creating a huge demand for dependable long-term retirement savings and financial insurance solutions. In light of these demographic shifts and emerging market opportunities, Sun Life is particularly positioned to meet the evolving needs of its clients in Asia, according to Wei.

Themed "Global Financial Development in an Era of Innovation, Transformation and Restructuring," this year's Financial Street Forum, founded in 2012, aims to promote global exchange and cooperation in the field of finance.

"In a rapidly changing global economy, competitiveness is not achieved in isolation, but increasingly depends on how well we can collaborate across borders," said Alhawi, hailing the Financial Street Forum as a platform for promoting meaningful dialogue within the financial sector.

According to Wei, collaboration is a catalyst for progress. "No single institution can drive transformation alone. The future of finance will be shaped by how well we align around shared goals for sustainable growth and trust."

"Together, if we commit to long-term thinking, smart risk management and forward action, we can unlock the full potential of this era of innovation to build a more resilient, equitable and sustainable global economy," he added. Enditem