The UAE is the first Gulf country to establish a strategic partnership with China. As one of the first batch of countries who echo China-proposed Belt and Road Initiative and a founding member of the AIIB, the UAE has been an important partner for China in promoting the construction of the Belt and Road. The UAE strongly backs up and believes in the significant role of the Belt and Road Initiative in boosting the global economy. It believes that the two countries are natural partners in building the Belt and Road and that economic and trade cooperation between the two sides has great potential and broad prospects. The two countries will support each other in the process of realizing China's "Two Centenaries" goals, realizing UAE's "Vision 2021" and "UAE Centennial 2071".
(1) The superior business environment lays a solid foundation for China-UAE cooperation
Due to its advantageous geographical location, developed infrastructure, stable politics and economy, good social order, relaxed business environment and sound legal system, the UAE is one of the most attractive countries for investment in the Middle East. Against the background of the continuing turmoil in the Middle East and North Africa, the UAE has become a haven for regional capital flows and logistics. Its status as a hub for regional trade, finance and logistics has been further strengthened, helping it rank among the top of the global competitiveness rankings. The UAE Bankruptcy Law enacted in 2016 provides more guarantees for enterprises and investors and further optimizes the overall investment environment in the country. With its superior geographical location and policy advantages, the UAE has become the regional center in the fields of trade, finance, shipping and logistics, and is also one of the popular tourist destinations. With the continuous improvement of cooperation between China and the UAE, the UAE is becoming the "gateway" for Gulf countries to look east.
Since the reform and opening up, China has been committed to improving the business environment and has issued a series of policies and measures. On October 8, 2019, the Chinese government passed a new national regulation on bettering the country’s business environment, providing institutional guarantee for all kinds of market players to invest and develop their businesses through government legislation, and establishing a basic framework of institutional norms for the business environment in which all kinds of market players, including domestic and foreign-funded enterprises, are treated equally. According to the World Bank's Doing Business 2020 report released on October 24, 2019, China is among the top 20 improvers in business climate in the past year.
It is expected that the political, economic and social situation in China and the UAE will remain stable for a long time to come. With the introduction of a slew of policies and regulations in the two countries, the business environment in the future will continue to be optimized, laying a solid foundation for high-quality economic development and cooperation between the two countries.
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