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"We support the establishment of branches in each other' s countries by qualified financial institutions from both sides, and multi-sector operation cooperation, as well as strengthened exchanges and cooperation between regulators," the paper said, noting that China welcomes the Arab countries to join the Asian Infrastructure Investment Bank and their active role in it.

China's competitive production capacity and the human resources in the Middle East, when combined, will deliver more and better job opportunities for the region, Xi said.

For Russia, Kurtov believed, security issues in North Caucasus are prominent as the region is geographically close to Syria, Iraq and Turkey, where radical groups are active, and the region has suffered from a relatively low level of social welfare compared to the European part of Russia.

It is also important to address the legitimate concerns of all parties concerned to achieve a balance of interests of all parties, he said.

The meeting was held in Taiyuan, north China's Shanxi Province Monday. It was attended by officials from some major steel- and coal-producing provinces and 24 leading companies in the fields.