Better China-Saudi economic ties expected

China and Saudi Arabia are expected to further tap potential for bilateral economic and financial cooperation, thereby bringing about more tangible and pragmatic collaboration results, according to government officials from both sides.

They made the remarks at the third meeting of the Economic and Financial Subcommittee of the High-level Chinese-Saudi Joint Committee on Monday in Beijing.

China's Finance Minister Lan Fo'an said at the meeting that under the strategic guidance of the two heads of state, economic ties between Saudi Arabia and China have been growing stronger. The two countries should strengthen macroeconomic policy communication and coordination to promote global economic recovery and stability, as well as strengthen multilateral cooperation to enhance the global economic governance system. He also said the Chinese side welcomes the strengthening of exchanges and cooperation between the financial sectors of the two countries.

The two sides should also focus on key areas to promote synergy between Beijing's pursuit of Chinese modernization and Riyadh's efforts to realize Saudi Vision 2030, so as to achieve high-quality and high-level win-win outcomes, Lan said.

He also said the Chinese side welcomes the strengthening of exchanges and cooperation between the financial regulators and institutions of the two countries.

"China will take pragmatic and efficient actions to promote high-quality development. We will strengthen macro-policy adjustment and policy coordination, expand domestic demand and create a first-class business environment that is market-oriented, law-based and up to international standards, in order to promote long-term sustainable and healthy economic development," said Lan.

"Saudi Arabia is striving to realize Saudi Vision 2030, achieving positive results in reforms for economic and social diversification. The two countries should strengthen communication on and coordination of macroeconomic policies and prioritize development in global macroeconomic policy frameworks, to inject more positive energy and factors into global economic recovery and stability," he said.

The minister also said China is ready to continue coordination with Saudi Arabia on the G20 Finance Track. It also looks forward to having closer cooperation with Saudi Arabia in multilateral development banks, to improve the international financial architecture and add to the voice of emerging markets and developing economies in global governance.

Data from the Chinese side showed that Saudi Arabia has been the largest trading partner of China in the Middle East since 2001, and bilateral trade reached $107.23 billion in 2023. Saudi Finance Minister Mohammed Al-Jadaan spoke highly of the economic and trade cooperation between the two countries, saying that the two countries have maintained positive cooperative communication under the framework of the Economic and Financial Subcommittee of the High-level Chinese-Saudi Joint Committee, achieving many practical outcomes. The Saudi side looks forward to enhancing the alignment of development strategies with China to realize mutual development and prosperity.

Since 1990, bilateral trade between the two countries surged 31 fold, he said, adding that outbound investment from China into Saudi Arabia has also been growing rapidly in recent years, making China an important partner for the Arab country to realize its vision for economic transformation.

Following the meeting of the subcommittee, the first China-Saudi roundtable on finance and business under the subcommittee was held on Monday.

Liao Min, China's vice-minister of finance, said at the roundtable that China-Saudi relations are in the best period in history currently, and economic and trade cooperation potential between the two countries is huge.

Enterprises from the two sides can leverage on their respective advantages to continuously expand trade and actively carry out two-way investment strategies, strengthening collaboration in areas including energy, infrastructure construction, digital economy and green development, Liao said. That will facilitate the flow of capital, resources, technology and other production factors alongside economic activity between the two countries to result in win-win outcomes, he added.

liuzhihua@chinadaily.com.cn