The breakthrough agreement is significant for its implications for increased economic stability, diplomatic relations, and leadership in the Middle East.
The gathering has reportedly been in discussion since December, when Xi met with Arab leaders at a regional summit in Riyadh and proposed the idea.
"Iran is deeply isolated, humiliated by months of protests, and heavily reliant on China strategically [and] economically.
Tehran was motivated to strike a deal as a currency crisis grips Iran, compounding an already devastated economy from U.S. sanctions over its nuclear program and fallout from months-long public protests against the clerical regime's rule. Those economic ties have been the bedrock of China's engagement in the Middle East, where Beijing receives more than 40 percent of its crude oil imports and has a growing interest in regional stability.
Beijing has also capitalized on fallout from events that have hurt Washington's standing in the region, such as its 2003 invasion of Iraq and wide-ranging war on terror, with China following a strategy to shun Western ideals and U.S. interests when engaging with the Middle East.
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