Minister underscores pivotal Saudi, Chinese roles in promoting global economic integration
RIYADH — The Financial Sub-Committee of the High-Level Saudi-Chinese Joint Committee convened its fourth meeting via video conference on Wednesday. The session was co-chaired by Saudi Minister of Finance Mohammed Al-Jadaan and Chinese Minister of Finance Lan Fo'an, with the participation of senior officials and representatives from both sides.
Discussions focused on strengthening bilateral and multilateral economic and financial cooperation between Saudi Arabia and China, improving the effectiveness of international financial institutions, and furthering the strategic partnership between the two countries.
Participants exchanged views on enhancing collaboration in key areas including tax policy, capital markets, banking regulations, financing, infrastructure development, and public-private partnerships.
In his speech, Al-Jadaan underscored the pivotal roles of Saudi Arabia and China in promoting global economic integration through active engagement in multilateral platforms. He emphasized that such platforms offer a valuable opportunity to support emerging economies and contribute to development, poverty reduction, and inclusive global dialogue.
He highlighted the importance of deepening trade and investment ties, enhancing financial integration, and aligning economic policies to promote shared prosperity and sustainable growth. Al-Jadaan called for greater innovation, strengthened research and development, and expanded public-private partnerships to create a more inclusive and competitive financial ecosystem. The minister noted the Kingdom's promising investment prospects for Chinese partners, particularly in infrastructure, tourism, and industrial sectors, as well as in collaboration with Saudi public sector entities.
Speaking during the session titled 'Economic and Financial Multilateral Coordination,' Vice Minister of Finance Abdulmuhsen Al-Khalaf praised the leadership roles of Saudi Arabia and China in global financial institutions such as the International Monetary Fund (IMF) and World Bank. He stressed the need for global forums like the Group of Twenty (G20) to prioritize economic challenges and adopt cooperative, solution-driven approaches.
Al-Khalaf commended both countries' contributions to international efforts such as the Debt Service Suspension Initiative and the Common Framework for Debt Treatment, describing them as impactful tools for supporting global and emerging economies. He urged continued engagement and exploration of new opportunities within global and regional multilateral platforms to enhance both nations' international standing.
© Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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