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Arab News
2 days ago
- Business
- Arab News
Saudi Arabia holds many ‘promising investment opportunities' for Chinese investors, says finance minister
RIYADH: Saudi Arabia offers 'many promising investment opportunities' for Chinese investors across infrastructure, tourism, and industry, said Finance Minister Mohammed Al-Jadaan during a high-level meeting. Speaking at the fourth meeting of the Financial Sub-Committee of the High-Level Saudi-Chinese Joint Committee, he highlighted opportunities, including 'partnerships between the Saudi public sector and Chinese companies.' The remarks come as Saudi Arabia and China continue to deepen economic ties, with China remaining the Kingdom's top trading partner. In the first quarter, Saudi exports to China reached SR44.91 billion ($11.97 billion), while imports totaled SR59.33 billion — underscoring both nations' focus on strategic cooperation under Vision 2030 and the Belt and Road Initiative. Al-Jadaan emphasized the significance of both countries' roles in the global economy. 'Saudi Arabia and China have a key role in achieving global economic integration through their effective participation in multilateral platforms,' he said. Co-chaired by Al-Jadaan and Chinese Minister of Finance Lan Fo'an, the virtual gathering focused on deepening bilateral economic and financial cooperation, as well as enhancing coordination on global financial platforms. Discussions included areas such as tax policy, capital markets, and banking regulation, as well as infrastructure development and public-private partnerships. The deepening economic ties between the two countries follow a series of major agreements signed earlier in May during the Saudi-Chinese Business Forum in Beijing. At the gathering, the Kingdom and China concluded 57 agreements and memoranda of understanding, valued at over SR14 billion ($3.7 billion), covering sectors including agriculture, water, environment, fisheries, and livestock. Notable initiatives include the planned development of a Smart Food Security City in Saudi Arabia, which will comprise factories, laboratories, and integrated logistics services, as well as the establishment of an agro-industrial zone in Jazan aimed at strengthening supply chains and attracting agriculture-focused industrial investment. Of the 57 agreements, 26 are dedicated to boosting Saudi exports to China, encompassing products such as dates, vegetables, fruits, and bottled water. During the virtual meeting, Al-Jadaan called for enhanced financial integration and alignment of economic policies to support mutual prosperity. 'It is essential to continue deepening trade and investment relations, promoting financial integration, and coordinating policies between both nations to foster shared prosperity and sustainable development,' he added. The minister also emphasized the importance of innovation and collaborative research. 'To create a more inclusive and competitive financial environment, it is essential to explore new and innovative domains, enhance research and development, and deepen public-private sector partnerships,' Al-Jadaan said. Highlighting the value of multilateral engagement, he noted that such platforms are vital for addressing global development goals. 'Multilateral platforms provide an optimal opportunity for both nations to support emerging economies and achieve important economic goals such as development, poverty reduction, and promoting effective and inclusive dialogue globally,' he said. Vice Minister of Finance Abdulmuhsen Al-Khalaf, speaking in a session titled 'Economic and Financial Multilateral Coordination,' praised the leadership of Saudi Arabia and China within international institutions such as the International Monetary Fund and the World Bank. He called for forums like the G20 to prioritize cooperative and solution-focused approaches to global economic challenges. Al-Khalaf also acknowledged the two countries' roles in debt relief initiatives, including the Debt Service Suspension Initiative and the Common Framework for Debt Treatment. He urged both sides to continue engaging in global and regional multilateral platforms to strengthen their positions in international financial governance.
Asharq Al-Awsat
3 days ago
- Business
- Asharq Al-Awsat
Saudi-Chinese Joint Committee Meets to Advance Economic Cooperation
Saudi Minister of Finance Mohammed Al-Jadaan and his Chinese counterpart, Lan Fo'an, co-chaired the fourth meeting of the Financial Sub-Committee of the High-Level Saudi-Chinese Joint Committee which convened its fourth meeting on Wednesday via video conference. Senior officials and representatives from both sides participated in the meeting, the Saudi Press Agency reported. 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 remarks, 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.
Zawya
3 days ago
- Business
- Zawya
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. (
CNA
06-05-2025
- Business
- CNA
China warns US tariff war 'huge risk' to world economy
BEIJING: China's finance minister lashed out at US tariffs for bringing "unprecedented huge risks" to the global economy, according to an article published by his ministry on Tuesday (May 6). The world's two largest economies are engaged in a punishing trade war in which US President Donald Trump imposed tariffs reaching 145 per cent on many Chinese products and Beijing retaliated with 125 per cent duties on imports from the United States. Lan Fo'an, speaking at an Asian Development Bank (ADB) meeting in Milan that began on Sunday, did not specifically mention the United States but said the risks were the result of "a certain country (that) has launched tariff wars and trade wars". "The current international situation is becoming more turbulent and chaotic, unilateralism and protectionism are on the rise," he said, calling on ADB members to uphold the rules of multilateral institutions. China's commerce ministry raised hopes on Friday that there could be negotiations with the United States when it said it was "currently evaluating" a US offer of trade talks. However, it insisted Washington must first cancel "unilateral tariffs" on China, a step Trump rejected in an interview with NBC recorded on Friday. Trump said in the interview, which aired on Sunday, that China's economy was "collapsing". Asked if he would drop tariffs to get China to the negotiating table, he said: "Why would I do that?" Beijing has repeatedly pledged to fight a trade war "to the end" if needed, with a video posted by its foreign ministry on social media last week vowing it would "never kneel down". "If it's fight, we will fight to the end; if it's talk, the door is wide open. The tariff war and trade war were unilaterally initiated by the US side," the commerce ministry said on Friday. Both economies have been hit as the tariffs shook markets and roiled supply chains. China's factory activity shrank in April, with Beijing blaming a "sharp shift" in the global economy.
South China Morning Post
05-05-2025
- Business
- South China Morning Post
China urges Japan, South Korea and Asean to deepen cooperation amid trade war turbulence
China's central bank governor and finance minister have called for deeper cooperation with Asean, Japan and South Korea amid rising global volatility and geopolitical headwinds. Advertisement Finance Minister Lan Foan said Beijing is willing to work with regional partners to strengthen macro policy coordination, deepen trade and investment ties and safeguard production and supply chain stability, in an address on Sunday at the 28th Association of Southeast Asian Nations + 3 Finance Ministers' and Central Bank Governors' Meeting in Milan, Italy. He emphasised that China seeks to reinforce strategic trust and development integration with neighbouring countries and is committed to open, inclusive and cooperative regional financial partnerships to counter global uncertainty. 'At present, the world economic landscape is undergoing profound changes, globalisation is experiencing a counter-current, unilateralism and protectionism are on the rise with instability and uncertainty clearly growing,' Lan said in a statement posted on the Ministry of Finance website on Monday. Lan's remarks come amid escalating global trade tensions following US President Donald Trump's sweeping 'reciprocal tariffs' in April against most of its trade partners. Countries, including Japan and Vietnam, have held talks with the US as they look to negotiate an agreement. Advertisement So far, no trade deals have been announced. People's Bank of China Governor Pan Gongsheng also attended the meeting, according to a statement published by the central bank on Monday.
