His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), underscored that the growing economic ties between GCC member states and China reflect the depth of shared interests and promising opportunities for both sides.
He pointed out that both parties aspire towards a more integrated financial and banking partnership that translates dialogue into practical initiatives and unlocks broader horizons for trade and investment, stating that financial and banking cooperation constitutes a fundamental pillar of this partnership, given its vital role in facilitating trade and investment, strengthening capital market linkages, and supporting monetary and financial stability.
His Excellency’s remarks were delivered during the Joint Meeting of the GCC Central Bank Governors with the Governor of the People’s Bank of China, held today, Wednesday (October 14, 2026), in the Thai capital, Bangkok. The meeting was co-chaired by His Excellency Mr Khalid Humaidan, Governor of the Central Bank of Bahrain and Chairman of the current session of the GCC Central Bank Governors Committee, and His Excellency Dr Pan Gongsheng, Governor of the People’s Bank of China. Held on the sidelines of the 2026 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG), the meeting was attended by Their Excellencies the Governors of the central banks across GCC member states.
His Excellency explained that rapid global transformations and escalating geopolitical, economic, and technological challenges reinforce the importance of deepening cooperation between financial and monetary institutions, as well as developing more efficient and resilient financial systems to safeguard economic stability, bolster capacity to address emerging challenges, and capitalise on future opportunities.
He pointed out that cooperation between the central banks of GCC member states and the People’s Bank of China has witnessed remarkable progress since the launch of the joint dialogue in September 2021, followed by the adoption of a joint action plan and the implementation of specialised programmes and workshops in banking and financial fields, culminating in the AlUla meeting in February 2025, which marked an important milestone in expanding the scope of cooperation and bolstering partnership between both sides.
His Excellency the Secretary General stressed that shared ambitions transcend the exchange of knowledge and expertise to encompass building a more integrated and effective financial and banking partnership. This partnership, he added, is anchored in advancing financial and investment cooperation, developing cross-border payment and settlement systems, and broadening collaboration in fintech, innovation, and cybersecurity, thereby elevating the efficiency of financial systems and bolstering economic interlinkages between both sides.
His Excellency concluded by underscoring that realising these ambitions requires transitioning from dialogue and understandings to practical initiatives that yield tangible results, by setting clear priorities and establishing effective mechanisms for implementation and follow-up. He reiterated the GCC General Secretariat’s readiness to continue supporting this pathway and enhancing coordination among the relevant institutions on both sides, contributing to the achievement of shared objectives.
