Headed by His Excellency the Saudi Minister of Finance, Mr. Mohammed Aljadaan, the Kingdom's delegation today concluded its participation in the Saudi-Chinese meetings, which were held May 20-21, 2024 in the Chinese capital, Beijing.
Minister Aljadaan and the Chinese Minister of Finance, Mr. Lan Fo'an, co-chaired the third meeting of the Finance Sub-Committee for the High-Level Chinese-Saudi Joint Committee. During the meeting Minister Aljadaan stressed that the People's Republic of China is a major partner in the Kingdom's economic transformation, and noted the enormous potential for innovation and technical cooperation between the Kingdom of Saudi Arabia and China. He said strengthening partnerships in areas such as artificial intelligence, renewable energy, and smart cities pushes economic transformation and can create new avenues for growth and development.
During the meeting, the participants also discussed the macroeconomic situation and related policies, as well as bilateral and multilateral cooperation.
His Excellency the Saudi Vice Minister of Finance, Mr. Abdulmuhsen Alkhalaf, and the Chinese Vice Minister of Finance, Mr. Liao Min, co-chaired the Saudi-Chinese Financial and Business Roundtable, hosted by the Chinese Ministry of Finance and organized by the Chinese Investment Corporation.
Vice Minister Alkhalaf stressed the importance of exploring economic and development opportunities between Saudi Arabia and China. He noted that the growing relationship between the two nations is reflected in increased economic and trade cooperation, as the volume of trade between Saudi Arabia and China reached more than $100 billion in 2023.
The Saudi delegation shared a presentation on the Kingdom's economic development and investment opportunities. The participants also discussed investment and economic cooperation between the two nations in the infrastructure sector.
On the sidelines of the meetings, Minister Aljadaan met with a number of ministers, investors and thought leaders in China to discuss the latest economic and financial developments and topics of common interest, in addition to investment opportunities in the Kingdom in light of Saudi Vision 2030.
These meetings sought to establish bilateral cooperation and consolidate the strong relations between the Kingdom of Saudi Arabia and the People's Republic of China in various fields, to achieve comprehensive economic growth for both nations and for the global economy.