Wang Heshan, an NPC deputy from Ningxia, proposed building the Ningxia Inland Open Economic Pilot Zone into a financial cooperation demonstration area targeting Arabian countries, during the ongoing second session of the 12th National People’s Congress on March 12.

“Building the China-Arab States Financial Cooperation Demonstration Area will promote bilateral financial cooperation, broaden financing channels and provide a more favorable financial environment for the energy and chemical industries, Muslim foods, modern services and other industrial agglomeration in Ningxia,” he said.

Wang suggested that China’s financial institutions could issue bonds in Arab states and China-Arab joint venture banks could be established in Ningxia. China-Arab industrial development funds could also be established, he added.

After hosting three sessions of the China-Arab States Economic Forum and the first China-Arab States Expo, Ningxia accumulated a large amount of economic, trade and financial cooperation experience with Arab States and has a strong competitive edge in building cooperation zones, he said.

The construction of the financial cooperation zone will promote the development of the China-Arab States Free Trade Zone and make Yinchuan Airport an important freight distribution and allocation center, he said. Cooperation in the energy sector, the cross-border trader e-commerce pilot zone and the development of Yinchuan Bonded Area will all promote the construction of the cooperation area, he added.