They announced 13 agreements and memoranda of understanding, including the first Chinese state-owned financial services firm. WAM/Handout via REUTERS
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China and the United Arab Emirates signed a raft of financial, business and trade agreements Friday during a visit by President Xi Jinping to the UAE, underscoring energy-hungry Beijing's rapidly growing interest in the Middle East.The UAE is the gateway for about 60 percent of China's exports to the Middle East, and on its own accounts for around a quarter of total Arab trade with China.UAE Economy Minister Sultan bin Saeed al-Mansouri said that total bilateral trade between his country and China is expected to reach $58 billion in 2018, up from $53.5 billion in 2017 .China's Commerce Minister Zhong Shan said that his country was ready to cooperate with the UAE to promote globalization.
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