On Wednesday, China’s Vice Premier Li Keqiang called on China and Arab countries to expand cooperation in finance, oil and gas and renewable energy sectors.

Li made the remarks as he addressed the 2012 China (Ningxia) International Investment and Trade Fair and 3rd China-Arab States Economic and Trade Forum in Yinchuan, Ningxia Hui Autonomous Region.

"China and Arab states enjoy broad prospects for cooperation and both sides need to expand the scale and upgrade the level of their work together," he said.

"China is a stable market for products from Arab countries. The Chinese side is encouraging its companies to engage in manufacturing and infrastructure construction in Arab countries," continued the vice premier.

He noted that Ningxia has formed an important connection between China and Arab states since ancient times and is currently experiencing a golden period for the development of China's mid-west.

"Ningxia will soon establish a new economic inland pilot zone and a comprehensive bonded area, which will provide a great platform for communication between Ningxia and Arab countries as well as with other developing and developed countries," he added.

The current trade volume between China and Arab countries approaches the 200 billion U.S. dollar mark and mutual investment has grown eight-fold over the past decade, according to Li.