China willing to strengthen trade with Saudi, commerce minister says

Image credit: SPA/Xinhua

China has expressed its willingness to enhance the implementation of development strategies with Saudi Arabia and boost trade and investment exchanges, according to a statement by Commerce Minister Wang Wentao on Friday.

This announcement followed Wang’s talks on Thursday with Yasir Al Rumayyan, the head of Saudi Arabia’s economic cooperation with China, and president of the Public Investment Fund (PIF) and chairman of Saudi Aramco.

Wang emphasised China’s readiness to deepen cooperation in areas such as infrastructure, energy resources, green development, and the digital economy, and welcomed Saudi companies such as its sovereign wealth funds and Aramco to continue to “take root” in China.

During his visit to China, the PIF chief also met with Chinese Vice Premier He Lifeng, who is a member of the Political bureau of the Communist Party of China. Lifeng said China and Saudi Arabia should jointly implement the important consensus reached by the leaders of the two countries and enhance the synergy of development strategies, as per a Xinhua report.

Furthermore, Al Rumayyan met with the mayor of Beijing Yin Yong, and the two discussed the potential for PIF to expand its business in the capital, Chinese state media reported.

According to the Beijing Daily, Yin Yong said he hopes the fund will guide bilateral investments from companies of both countries, hoping to deepen cooperation with Saudi Arabia in the industrial investment, green development, and energy transition sectors.

Saudi-China bilateral potential

The visit by Aramco’s chairman to China follows the third meeting of the Economic and Financial Subcommittee of the Chinese-Saudi Joint Committee, held in Beijing, in May.

Officials from both countries indicated their expectation to further explore the potential for economic and financial cooperation, aiming for tangible and practical results.

Wang also highlighted China’s readiness to coordinate with Saudi Arabia on the G20 Finance Track and to enhance cooperation in multilateral development banks. The goal is to improve the international financial architecture and amplify the voice of emerging markets and developing economies in global governance.

Trade and investment

Data from China shows that Saudi Arabia has been its largest trading partner in the Middle East since 2001, with bilateral trade reaching $107.23bn in 2023.

Since 1990, bilateral trade between China and Saudi Arabia has increased 31-fold. Outbound investment from China to Saudi Arabia has also grown rapidly, solidifying China’s role as a key partner in Saudi Arabia’s economic transformation.

The two sides have continued to push for increasing trade ties and underscored the potential for enterprises from both sides to leverage their respective advantages to expand trade, pursue two-way investment strategies, and strengthen collaboration in a range of sectors such as energy and green development.

This, he added, would facilitate the flow of capital, resources, and technology, leading to mutually beneficial outcomes.

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