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GCC Minister Discuss Free Trade Agreement with China

Virtual meeting of the GCC Financial and Economic Cooperation Committee (Asharq Al-Awsat)
Virtual meeting of the GCC Financial and Economic Cooperation Committee (Asharq Al-Awsat)
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GCC Minister Discuss Free Trade Agreement with China

Virtual meeting of the GCC Financial and Economic Cooperation Committee (Asharq Al-Awsat)
Virtual meeting of the GCC Financial and Economic Cooperation Committee (Asharq Al-Awsat)

Members of the Financial and Economic Cooperation Committee and the Trade Cooperation Committee of the GCC countries discussed the final report on the technical status of the free trade agreement negotiations between the GCC and China.

The meeting completes the vision of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz regarding enhancing joint action.

The virtual joint meeting was headed by the Omani Finance Minister Sultan bin Salim al-Habsi, who is also the Chairman of the current session, and included Saudi Finance Minister Mohammed al-Jadaan, Commerce Minister Majid al-Qasabi, the Ministers and Deputy Ministers of Commerce, Finance, and Economy of the GCC countries, and the GCC Secretary General.

During the meeting, the ministers reviewed many issues related to enhancing financial and economic cooperation between the GCC countries.

The committee was briefed on the recommendations of the undersecretaries' committee and the developments followed up by the General Secretariat.

Jadaan touched on the Saudi efforts to enhance joint Gulf action during its presidency of the previous session, stressing the Kingdom's support for Oman in its presidency of the current session.

He pointed out the need to double efforts to complete the remaining steps to implement the vision of the Custodian of the Two Holy Mosques regarding promoting joint Gulf action in a way that meets the aspirations of the Gulf leaders.

Members of the Financial and Economic Cooperation Committee and the Trade Cooperation Committee reviewed the steps to establish the customs union before the end of 2024, according to the timetable approved by the committee.

They also followed up on completing the full implementation of the Gulf Common Market, according to the action plan for the period 2022-2024, in the performance of the decision of the 43rd GCC Supreme Council.

Concerning the final report on the technical status of the negotiations of the free trade agreement between the GCC and China, the officials reviewed different points of view in preparation for submitting them to the Ministerial Council regarding the powers of the negotiating team and its mechanisms.

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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)
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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)

Chinese lawmakers are deliberating a draft of the country's first basic law specifically focused on the development of the private sector, the country’s Xinhua news agency reported.

“The law will be conducive to creating a law-based environment that is favorable to the growth of all economic sectors, including the private sector,” said Justice Minister He Rong, while explaining the draft on Saturday during the ongoing session of the Standing Committee of the National People's Congress, the national legislature.

The draft private sector promotion law covers areas such as fair competition, investment and financing environments, scientific and technological innovation, regulatory guidance, service support, rights and interests protection and legal liabilities.

The draft has incorporated suggestions solicited from representatives of the private sector, experts, scholars and the general public, the minister said.

China left its benchmark lending rates unchanged as expected at the monthly fixing on Friday.

Persistent deflationary pressure and tepid credit demand call for more stimulus to aid the broad economy, but narrowing interest margin on the back of fast falling yields and a weakening yuan limit the scope for immediate monetary easing.

The one-year loan prime rate (LPR) was kept at 3.10%, while the five-year LPR was unchanged at 3.60%.

In a Reuters poll of 27 market participants conducted this week, all respondents expected both rates to stay unchanged.

Morgan Stanley said in a note that the 2025 budget deficit and mix are more positive than expected and suggest Beijing is willing to set a high growth target and record fiscal budget to boost market confidence, but further policy details are unlikely before March.

Last Friday, data released by the country's central bank said total assets of China's financial institutions had risen to 489.15 trillion yuan (about $68.03 trillion) by the end of third quarter this year.

The figure represented a year-on-year increase of 8%, said the People's Bank of China.

Of the total, the assets of the banking sector reached 439.52 trillion yuan, up 7.3% year on year, while the assets of securities institutions rose 8.7% year on year to 14.64 trillion yuan.

The insurance sector's assets jumped 18.3% year on year to 35 trillion yuan, the data showed.

The liabilities of the financial institutions totaled 446.51 trillion yuan, up 8% year on year, according to the central bank.

Separately, data released by the National Energy Administration on Thursday showed that China's electricity consumption, a key barometer of economic activity, rose by 7.1% year on year in the first 11months of the year.

During the period, power consumption of the country's primary industries increased by 6.8% year on year, while that of its secondary and tertiary sectors rose by 5.3% and 10.4%, respectively.

Residential power usage saw strong growth of 11.6% during this period, the administration said.

In November alone, power usage climbed 2.8% from one year earlier, according to the data.