2016年CRI China Expands Cooperation with Saudi Arabia

Chinese ambassador to Saudi Arabia, Li Chengwen, said fruitful results are expected during the visit.

"Leaders from the two countries are expected to witness the signature of a series of contracts, in the fields of capacity cooperation, aviation technology, nuclear and renewable energy. The two sides will in particular make progress in capacity cooperation and the 'One Belt and One Road' projects."

In the Arab Policy Paper published by the Chinese government one week before the visit, a "1+2+3" cooperation pattern is highlighted.

It sets energy partnerships 1 as the core, infrastructure 2 construction and trade and investment facilitation as two wings, and high and new technologies in nuclear energy, satellites and new energy as three breakthroughs.

He Wenping is a professor at the Institute of West-Asian and African Studies, Chinese Academy of Social Sciences.

She says both sides have plenty to offer one another in the area of trade. 

"Saudi Arabia is rich in oil and gas. The revenue from these resources has laid a good foundation for its economy. But its infrastructure construction is quite poor. China has helped Saudi Arabia building light rails and the two sides also have great cooperation potential in nuclear. As crude oil prices are dropping, Saudi Arabia is now suffering financial difficulties, it needs to absorb investment abroad."

Guan Qingyou, executive director of Minsheng Securities' research institute, pointed 3 out that, as Saudi Arabia plans to invest 45 billion US dollars in building 7,000 kilometer railway network from 2013 to 2023, China, with advantages in technology and cost, will be an ideal partner to promote Saudi Arabia's infrastructure construction.

Professor Li Shaoxian is the dean of the Arab Research Institute at Ningxia University. He said that in the context of current situation, China can play an active and constructive 4 role in promoting economic development in the Middle East.

"What the Middle East needs most is stability and economic recovery. Since stability is based on economic development, what the region needs most now is economic reconstruction 5. As you know, China is accelerating the 'One Belt One Road' initiative, which benefits the development of the Middle East."

China is Saudi Arabia's largest importer and second largest exporter, while Saudi Arabia is China's largest trading partner among the 22 Arab countries and biggest oil supplier.

Trade between the two sides reached 69 billion US dollars in 2014, 230 times of that in 1990.

For CRI, this is Qian Shanming.