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In response, spokesperson Hua Chunying said China welcomed and appreciated the peace deal, which marked an important step towards peace in South Sudan.

"We are willing to actively participate in international cooperation on the digital economy, share the opportunities brought by smart technology with other countries, and jointly create a bright future of the digital economy," he said.

He said, to date, China has established strategic partnerships or comprehensive strategic partnerships with 11 Arab states. China is wiling to elevate ties with more Arab states and support the Arab League (AL) in its capacity building.

The UAE as a trade hub is keen on expanding its contribution to make the initiative a long-term success, said Al Mansouri.

Prudent monetary policy will be neither too tight nor too loose, and aggregate financing and liquidity will remain sufficient, the meeting announced. A better and smoother transmission mechanism is needed to see credit policy incentives effectively introduced and delivered. Financial institutions will also be called on to use the money released from cuts in their required reserves to support small and micro businesses and debt-to-equity swap.