The Saudi-Chinese Financial Subcommittee Holds Its Third Meeting to Discuss Economic and Financial Cooperation

The Saudi-Chinese Financial Subcommittee held its third meeting in Riyadh, where they discussed ways to enhance economic and financial cooperation between the two countries. This meeting is part of the joint efforts to strengthen economic relations between the Kingdom of Saudi Arabia and the People’s Republic of China, two of the world’s largest economies.

Importance of the Meeting

This meeting represents an important step towards achieving more fruitful cooperation between the two countries in economic and financial fields. The meeting was attended by senior officials from both sides, who discussed many financial and economic issues of mutual interest. The focus was on enhancing trade and investment exchange between the two countries, as well as exploring cooperation in energy, technology, and infrastructure sectors.

Leadership of the Conference

The meeting was chaired by Saudi Minister of Finance, His Excellency Mr. Mohammed Al-Jadaan, and Chinese Minister of Finance, His Excellency Mr. Liu Kun. Both ministers emphasized the importance of financial and economic cooperation between the two countries and expressed their commitment to strengthening this cooperation in the future.

Economic and Financial Cooperation

The economic relations between Saudi Arabia and China are strong and growing. China is Saudi Arabia’s largest trading partner, with bilateral trade volumes reaching billions of dollars annually. China imports large quantities of oil from Saudi Arabia, while Saudi Arabia exports many petrochemical products and metals to China.

Joint Investments

The meeting also discussed joint investments between the two countries and ways to enhance them in the future. Both sides expressed their desire to increase the volume of mutual investments and enhance cooperation in infrastructure, energy, and technology projects. They also explored the possibility of establishing joint projects in fields such as renewable energy, artificial intelligence, and financial technology.

Cooperation in Financial Technology

One of the main topics discussed during the meeting was cooperation in the field of financial technology. Both sides aim to strengthen cooperation in this evolving field and benefit from shared expertise to develop new technologies. They also discussed ways to develop digital infrastructure and exchange expertise in areas such as blockchain and digital payments.

Future Aspirations

Both sides expressed their future aspirations to achieve more fruitful cooperation between the two countries. The officials emphasized the importance of continued dialogue and cooperation to achieve common goals. They also agreed to hold regular meetings to follow up on the implementation of the recommendations and decisions reached during the meeting.

Cooperation in Education and Training

The meeting did not only discuss economic and financial issues but also addressed cooperation in education and training. They explored ways to enhance cultural and scientific exchange between the two countries and develop joint training programs. This is part of the efforts of both countries to enhance comprehensive cooperation in various fields.

Strengthening Bilateral Relations

At the conclusion of the meeting, both sides emphasized the importance of strengthening bilateral relations between the Kingdom of Saudi Arabia and the People’s Republic of China. They expressed their desire to enhance cooperation in all fields, contributing to sustainable development and economic prosperity for both countries. Both sides also expressed hope that this meeting would open new horizons for cooperation and partnership between the two countries.

Conclusion

The third meeting of the Saudi-Chinese Financial Subcommittee represents an important step towards enhancing economic and financial cooperation between the two countries. The discussions held during the meeting provide an opportunity to strengthen bilateral relations and develop cooperation in various economic and financial fields. This cooperation is expected to contribute to achieving more growth and prosperity for both countries and enhancing their position on the international stage.