On January 16, 2012, visiting Chinese Premier Wen Jiabao met with Icelandic President Olafur Ragnar Grimsson in Abu Dhabi.

The Chinese premier lauded the significant progress in China-Iceland relations since the establishment of diplomatic ties, saying that China eyes on maintaining high-level exchanges, cementing consultation at various levels with Iceland, and consolidating mutual political trust. In coping with the global financial crisis, the two countries should seek opportunities to boost market confidence, expand bilateral trade, promote mutual investment and deepen communications in culture, education and tourism, Wen said. China and Iceland share huge potential of cooperation in such fields as energy conservation, carbon emission reductions, geothermal power and glaciers, Wen noted, adding both sides can conduct joint research in these areas. Wen said China supports the efforts of European countries, including Iceland, to preserve financial stability and maintain economic growth and is willing to strengthen communication, coordination and cooperation with the EU and the international community in this regard.

Hailing the sound bilateral ties, Grimsson expressed his appreciation of China's support for Iceland as well as other European nations in tackling the global financial crisis and reaffirmed his confidence in future bilateral cooperation. Iceland will work with China to deepen cooperation in such fields as new energy, energy saving and environmental protection, ship-building, and polar regions research to promote sustainable development, Grimsson stressed.