China And Saudi Arabia Sign $70 Billion in New Deals - China says its bilateral relations with KSA h

[Saif al-Arab]

China says its bilateral relations with Saudi Arabia have entered a new era.

Chinese Vice Premier Zhang Gaoli made a three-day visit to Saudi Arabia from August 23 to August 25. During his visit, China and Saudi signed a series of deals worth nearly $70 billion. Zhang said that China-Saudi Arabia cooperation was going to enter a new, more robust, sustainable, and fruitful era.

China and Saudi Arabia’s relationship is getting significantly warmer recently. Days Before Zhang’ visit, Saudi Minister of Energy, Industry, and Mineral Resources Khalid Al-Faleh had just visited Beijing and met with Zhang on August 18. In the meeting, both sides vowed to strengthen economic ties.

Soon, Zhang met Khalid Al-Faleh again in Jeddah on August 24. During the meeting, Al-Faleh revealed that China and the Kingdom had signed 60 various agreements and memoranda of understanding worth nearly $70 billion, according to Saudi Arabian news agency SPA. China’s news agency Xinhua said the agreements covered investment, trade, energy, postal service, communications, and media.

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Besides Al-Faleh, the two most important figures Zhang met were Saudi King Salman bin Abdulaziz Al Saud and Saudi Crown Prince Mohammed bin Salman.

The meeting with the crown prince is particularly noteworthy. As King Salman’s favorite son, Mohammed was just appointed crown prince in June 2017. As first deputy prime minister, minister of defense, and president of the Council for Economic and Development Affairs, the crown prince, 31, is the de facto person in charge of Saudi foreign policy, security and the oil industry—the country’s main source of wealth. He is also known for his ambition, or—from perspective of his critics—aggression.

Showing his ambition for the country, the crown prince in 2016 initiated a national strategy called “Vision for 2030,” aiming to make the Kingdom a global investment powerhouse and the heart of the Arab and Islamic world while also diversifying the country’s economy, which is heavily dependent on oil.

His vision seems to match well with China’s Belt and Road Initiative, which was put forward by Chinese President Xi Jinping in 2013.

Since 2016, the crown prince has started to pave the road to cooperating with China. In August 2016, he led a committee to Beijing, met President Xi Jinping and signed 15 agreements with his Chinese counterpart. The trip was seen as the start of a closer relationship between China and Saudi Arabia.

Thediplomat

 

[Saif al-Arab]

Chinese yuan rises in global oil markets as Saudi seeks funding in RMB
(Xinhua) 10:06, September 01, 2017
Saudi Arabia is willing to consider funding itself in Chinese yuan, a senior Riyadh official said last week as the global oil markets are witnessing a rise of China and its currency.

The remarks made by Saudi's Vice Minister of Economy and Planning Mohammed al-Tuwaijri raised the possibility of the renminbi (RMB) entering the oil kingdom's market.

Analysts are expecting more news from the world's largest oil exporter and its second largest consumer on the RMB front.

DIVERSIFYING FINANCING

Obtaining some funds in Chinese yuan will diversify Saudi Arabia's financing channels after it borrowed tens of billions of U.S. dollars overseas last year. However, all these foreign bond issues and loans have been dominated entirely in the U.S. currency.

Since the second half of 2014, the price of crude oil has witnessed a significant drop, swamping the oil-dominated economy. In 2015, Saudi Arabia ran a record budget deficit of almost 100 billion U.S. dollars.

Aimed at extricating itself from the grip of oil prices, the government created its "Saudi Vision 2030," an "ambitious yet achievable blueprint" as the country describes, to reduce its dependence on oil and diversify its economy.

"One of our main objectives is to diversify the funding basis of Saudi Arabia," al-Tuwaijri said.

"We will do that through access to investors or bodies of liquidity in the markets. China is by far one of the top markets," he said.

Considering most projects under the "Saudi Vision 2030" require huge investments and feature slow capital return, Cheng Xuan, general manager at Riyadh Branch of Industrial and Commercial Bank of China (ICBC), said multi-currency funding, particularly in renminbi, expands the Saudi government's financing channels and reduces costs to address its huge money demand.

Panda bonds are yuan-denominated debt sold by foreign countries and overseas agencies in China. Cheng also believes issues of such renminbi-denominated bonds will provide a solution for cost concerns in the development of "Saudi Vision 2030."

Saudi Arabia will evade rate risks in trade if it pays Chinese suppliers in renminbi, which is likely to be welcomed among Chinese exporters, Cheng said.

WIN-WIN ECONOMIC TIES

During his visit to Saudi Arabia earlier this month, Chinese Vice Premier Zhang Gaoli said that China "supports Saudi Arabia in making its 2030 vision a reality, and would like to be a partner as the country diversifies its economy," adding that the two sides are negotiating a plan to merge the Belt and Road Initiative and the Saudi plan.

"The latest effort by Saudi and China to work more closely together on trade is an example of win-win goals," said Robert Savage, CEO and co-founder of CCTrack Solutions, a Citic Capital company specializing in fund management.

Stressing that economic cooperation is in the interest of both sides, Savage said Saudi needs to replace exporting oil to the U.S. and instead become the key provider of oil to China, which is interested in making the RMB a more global currency.

Since the 1970s, the primacy of U.S. dollar has been evident. Oil and gas are priced in dollars and international hydrocarbon transactions are settled in the greenback.

From 2008 to 2014, the petrodollar mechanism with high oil prices feeds the accumulation of dollar surpluses for energy producers, which can be "recycled" into U.S economy to cover its deficits.

However, the fall in global oil prices has forced these oil producers to dip into their foreign currency reserves, even borrow money abroad to tackle economic challenges.

A higher U.S. interest rate tends to make the U.S dollar stronger in comparison with other currencies. Since crude oil is globally traded in U.S. dollars and as the U.S. considers raising interest rates, it is likely to become more expensive for other countries to buy crude oil, thereby, reducing the demand and price of the commodity.

The RMB as an alternative to the U.S.dollars and oil settlement may be attractive over time as this helps diversify the risks from U.S. control, Savage said.

He also said the level of Saudi's success with this new financial arrangement will determine whether others follow.

Savage said that as the world's second largest economy and a major energy importer, China should strive to set the RMB as a currency for pricing commodities.

This arrangement has potential in the long term to increase renminbi influence as a globally-traded currency, Savage said.

http://en.people.cn/business/n3/2017/0901/c90778-9263189.html

China-Arab economic ties get B&R boost
Updated: Sep 7,2017 9:18 AM Xinhua

YINCHUAN — According to Abdulrahman Al-Basri, very few Chinese companies worked on contract in Saudi Arabia 10 years ago. Today, Chinese workers are everywhere.

From skyscrapers to oil rigs, Chinese companies in Saudi Arabia work swiftly and cost-effectively.

“We would welcome more engineering companies from China, as well as IT and others,” Al-Basri, vice president of SABIC, a Riyadh-based chemical company, said on Sept 6 at the business session of the ongoing China-Arab States Expo in Northwest China.

The corporate executive is far from the only one encouraged by closer China-Arab ties at the gathering in Yinchuan, capital of Ningxia Hui autonomous region.

Running till Sept 9, the four-day expo has assembled executives from over 1,000 companies and nearly 5,000 exhibitors from 31 industries ranging from transportation to big data, along with government representatives and academics. The event has been held three times since 2013, the year the Belt and Road Initiative was proposed.

Economic ties between the two sides were steady, but the Belt and Road Initiative shifted cooperation into another gear.

The expo is important to expanding cooperation, Kamal Hassan Ali, assistant secretary-general for economic affairs of the Arab League, told the opening gathering.

A total of 321 deals in science and technology, finance, energy, agriculture, health, tourism, culture and education were made during previous events, with total contract worth tens of billions of US dollars.

China-Arab trade reached $171 billion in 2016, and agreements on projects worth $40 billion were signed between the two sides, up 40.8 percent from 2015. China’s nonfinancial direct investment in Arab countries surged 74.9 percent.

At the junction of the Belt and Road that spans across Eurasia, Arab countries are eager to revitalize ancient trade routes, Egyptian Trade and Industry Minister Tarek Kabil said.

http://english.gov.cn/news/international_exchanges/2017/09/07/content_281475842098034.htm

Aramco Looks To China Ahead Of IPO

Tsvetana Paraskova
Oilprice.com
September 6, 2017

Saudi Arabia is getting ready to list 5 percent of its crown jewel—state oil firm Aramco—in what could be the biggest IPO ever. The Saudis claim that the whole company is worth US$2 trillion, while most external analysts think the fair valuation is at least US$500 billion lower than that estimate.

If the Saudis continue to pursue their target valuation, they may have to turn to major Chinese investors such as sovereign wealth funds and major state companies, who have deeper pockets than major institutional investors in the West.

This could give China a stake in the lowest-cost oil producer and major exporter of the commodity that Beijing will continue to use in growing volumes in the foreseeable future.

Getting Chinese investment in Aramco could provide the Saudis with the proceeds to fund their ambitious Vision 2030 plan to diversify away from oil.

For China, an Aramco investment could secure one of its biggest oil import sources. It could also increase Beijing’s bargaining power to convince Aramco to accept yuan payments for its oil instead of U.S. dollars, as China is trying to make its currency a global one.

In this way, the Saudis are making sure that China would continue to buy more of their oil, while Beijing is securing part of its crude import needs.

The U.S.-Saudi strategic alliance survived the 1970s oil embargo and 9/11, and is now bound by a common, and more pronounced, anti-Iran rhetoric under President Trump.

But if the Saudis seek a closer ally in China, they may find Beijing as a more convenient global strategic partner, because China is more likely to turn a blind eye to Riyadh’s poor human and women’s rights record, Mr. Holland argues in his article.

For the time being, it’s evident that the Saudis and Chinese are expanding their oil and energy relations, and it’s feasible that a Chinese fund or a group of firms and/or funds could buy a sizeable stake in Aramco. Even if Saudis don’t switch loyalties to China, Beijing will have even more clout over the global oil market and stronger energy ties.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:" data-reactid="32" style="margin-bottom: 1em;">More Top Reads From Oilprice.com:

 

[Pangu]

Hope our respective countries continue to leverage each other's strength & overcome weaknesses for the betterment of our people.

 

[Saif al-Arab]

Hope our respective countries continue to leverage each other's strength & overcome weaknesses for the betterment of our people.

Well said. Such a policy should always be a priority.

Saudi Arabia signs cooperation deals with China on nuclear energy
Kingdom launched a renewable energy programme this year, and winning bid for first utility-scale solar project is due in November

Image Credit: Reuters
File photo: Xi Jinping and King Salman Bin Abdul Aziz Al Saud shake hands during a signing ceremony at the Great Hall of the People in Beijing, China.

Published: 16:21 August 25, 2017
Reuters

Khobar, Saudi Arabia: Saudi Arabia and China are to cooperate on nuclear energy projects following discussions between the two countries this week on ways to support the kingdom’s nuclear energy programme, state news agency SPA reported.

Saudi Arabia has been for years trying to diversify its energy mix so that it can export more of its oil, rather than burning it at power and water desalination plants.

It launched a renewable energy programme this year with the announcement of the winning bid for its first utility-scale solar project due in November.

In addition to that programme, Riyadh is in the early stages of feasibility and design studies for its first two commercial nuclear reactors, which will total 2.8 gigawatts.

China’s leading state nuclear project developer China National Nuclear Corp (CNNC) has now signed a memorandum of understanding with the Saudi Geological Survey (SGS) to promote further existing cooperation between the two sides to explore and assess uranium and thorium resources, SPA said.

On Thursday, state-owned The Saudi Technology Development and Investment Co (Taqnia) signed a memorandum of understanding with China Nuclear Engineering Group Corp to develop water desalination projects using gas-cooled nuclear reactors.

Pre-feasibility study

In a separate report, SPA said Hashim Yamani, the president of King Abdullah City for Atomic and Renewable Energy (KACARE), which is responsible for the country’s nuclear plans, met officials in China on August 23-24. Their discussions included cooperation in areas such as pre-feasibility study to build the first two nuclear reactors in the kingdom, and exploration for uranium and thorium.

SPA said KACARE has also held meetings with suppliers of nuclear technology in the United States, Japan, China, South Korea, and Russia. It visited France end of July.

Under an economic reform programme launched last year, Saudi Arabia is seeking to diversify away from oil for much of its additional future energy needs because oil resources are needed to generate revenue through exports.

Nuclear energy will help Saudi Arabia to develop water desalination plants, of which it is a leading producer.

The kingdom and China signed in 2012 a memorandum of understanding to cooperate on the civilian use of nuclear energy.

Similar deals had already been signed with other countries including France, Argentina, Russia, the United States among others.

Saudi Arabia has also set up a joint investment fund with China and on Thursday signed 11 deals worth $20 billion (Dh73.4 billion) with China as part of an official visit of Chinese Vice Premier Zhang Gaoli to Saudi Arabia.

http://gulfnews.com/business/sector...-deals-with-china-on-nuclear-energy-1.2079896

BTW, this thread below might interest you:

https://defence.pk/pdf/threads/arab-world-and-china-cooperation-and-news.298140/

 

[Indus Pakistan]

Saudia Arabian contact with Chinese go back to 100,000 BCE. It is good to see these old connections between West and China being reinvigorated. Both are oldest, most progressive cultures that share so much in common. This is win win for all.

 

[Saif al-Arab]

Saudia Arabian contact with Chinese go back to 100,000 BCE. It is good to see these old connections between West and China being reinvigorated. Both are oldest, most progressive cultures that share so much in common. This is win win for all.

Yes, it is not wonderful that two historical giants and current-day economic power houses and developing regions such as KSA/Arab world and China are increasing their ties? I certainly believe so but it seems that not everyone is happy about this fact. Shame on KSA for having achieved cordial ties with the West, East and everyone in between. The leaders should have imitated our Iranian Arab rulers of neighboring Iran or North Korea in terms of foreign policy. Another great candidate is Afghanistan. Maybe one becomes increasingly bitter the older one gets? Or just the occasional barking and attention seeker? In any case it is irrelevant noise albeit quite entertaining.

President praises 'friends' at Arab expo
By Wu Yunhe and Guo Shaoyu in Yinchuan | China Daily | Updated: 2017-09-07 09:00
President Xi Jinping called the Arab states "good friends" and important partners in constructing the Belt and Road in his letter of congratulations to the 2017 China-Arab States Expo.

The expo, which brings together Chinese and Arab business leaders to cooperate on science, finance, energy, agriculture, healthcare, tourism and culture, opened on Wednesday in Yinchuan, capital of the Ningxia Hui autonomous region.

The president also hailed the cooperation and achievements between the two sides.

http://www.chinadaily.com.cn/cndy/2017-09/07/content_31669637.htm

 

[Indus Pakistan]

In any case it is irrelevant noise albeit quite entertaining.

Pity on you if you find "irrelevant noise" entertaining.

 

[Saif al-Arab]

Pity on you if you find "irrelevant noise" entertaining.

At times it sure is. PDF is after all a living example of this phenomenon. Anyway no biggie.

Interview: China-Saudi Arabia ties rapidly developing: Chinese Ambassador
Source: Xinhua| 2017-08-23 09:50:29|Editor: Yang Yi


by Xinhua writers Xia Yuanyi, Wang Bo

RIYADH, Aug. 23 (Xinhua) -- The Chinese Embassy in Saudi Arabia is often a hub of activity with diplomatic missions and events, evidence of ties warming up between the two countries, said Li Huaxin, Chinese Ambassador to Saudi Arabia.

"In January, 2016, President Xi (Jinping) visited Saudi Arabia and announced the lifting of bilateral ties to a comprehensive strategic partnership in a joint communique with Saudi King Salman bin Abdulaziz Al Saud. From then on, our relations have quickly developed," the ambassador said in a recent interview with Xinhua.

The West Asian country has been China's top crude oil supplier for many years straight. Meanwhile, the latter is the former's biggest business partner, with bilateral trade reaching 42.36 billion U.S. dollars in 2016, according to Chinese official figures.

After more than 140 Chinese enterprises began tapping Saudi Arabia's markets, including in the energy, housing, construction and telecommunication industries, the "1+2+3" model has taken shape, said Li.

Specifically, the model refers to the energy industry as the core of business ties, with two supporting industries, namely infrastructure, and trade and investment, and three emerging, cutting-edge trade areas, mainly nuclear power, aerospace and renewable energy rounding out the center.

The ambassador also said that in the four years since the Belt and Road Initiative was put forward by China in 2013, Saudi Arabia has emerged as an important player along its route.

"The two partners bilaterally cooperate not only on economic and trade, but also on culture and education," Li said.

In 2013, Saudi Arabia hosted the Janadriyah Heritage Festival at the Janadriyah town, 45 miles (72.4 km) away from the capital Riyadh, in which China, as that year's "guest of honor," exhibited more than 30 traditional arts and 600-plus exquisite articles, attracting a sea of local residents.

Three years later, an exhibition titled "The Arab Road" displaying Saudi Arab's cultural relics was held at the National Museum of China, with 466 pieces of treasures on show, among which were several "Made-in-China" ceramics, tokens of the once bustling ancient Silk Road.

In March, King Salman attended the opening ceremony of the Peking University Branch of the King Abdul-Aziz Public Library during his state visit to China. The following month, China displayed some of its intangible cultural heritage in Saudi Arabia.

"The next step for the two great civilizations is to organize a Chinese Cultural Week together in Riyadh and Jeddah to promote mutual understanding through more performances and exchange visits," the ambassador said.

He added that in a bid to facilitate some young people in Saudi Arabia to learn the Chinese language and culture, the China National Office for Teaching Chinese as a Foreign Language is in talks with King Saud University about offering Chinese language classes. The university is the largest in the country.

Li says the first team of Chinese teachers will soon come to Saudi Arabia as cultural go-betweens.

"Because top leaders from both sides value bilateral ties and we are facing significant historical opportunities for development, bilateral cooperation will only go further," Li said, adding "both peoples will benefit from this progress."

http://news.xinhuanet.com/english/2017-08/23/c_136548057.htm

China, Saudi Arabia agree to build energy cooperation mechanisms
Xinhua | Updated: 2017-08-25 14:20

JEDDAH - China and Saudi Arabia agreed on Thursday to set up a package of bilateral energy cooperation mechanisms.

The agreement was reached when Chinese Vice-Premier Zhang Gaoli met with Saudi Crown Prince Mohammed bin Salman in the Saudi Red Sea resort of Jeddah during Zhang's visit to the Gulf Arab country.

Also during the talks, the two compared notes and reached broad consensus on bilateral cooperation in the fields of energy, finance and industrial capacity, among others.

They vowed to push forward a sea water desalination project using high temperature gas-cooled reactors, as well as a Chinese industry park in Saudi Arabia's southern border region of Jizan, and support the construction of a power plant in the western Saudi coastal town of Rabigh.

The two sides also agreed to promote cooperation over petrochemical projects and security matters, and enhance international coordination so as to further boost their bilateral comprehensive strategic partnership.

Also on Thursday, Zhang and Mohammed co-chaired the second meeting of a high-level steering committee, a regular meeting mechanism set up during Chinese President Xi Jinping's state visit to the Gulf Arab country last year.

The two co-hosted the first meeting of the committee in Beijing last August.

At the second meeting, the two sides agreed that the two countries have maintained close high-level exchanges, noting that Saudi King Salman bin Abdulaziz Al Saud visited China while a number of Chinese leaders have visited Saudi Arabia.

They also agreed that the two countries have made smooth progress in key projects, and signed 30 major projects over industrial capacity and investment cooperation.

Two-way trade has developed soundly with Saudi Arabia being China's largest trading partner in the region of West Asia and North Africa over the past 15 years.

Both sides pledged to strengthen coordination and communication on such multilateral platforms as the UN and the Group of 20 gatherings on major issues that concern the world system and order as well as the rights and interests of developing countries in a bid to cement strategic trust.

Beijing and Riyadh also vowed to further synergize their development strategies, and promote practical cooperation and cultural and people-to-people exchanges for shared benefits and win-win results.

They were also committed to stronger cooperation and exchanges in the fields of culture, education, health, technology, tourism and journalism.

After the meeting, the two sides signed the minutes of the meeting, and the two leaders witnessed the signing of a host of cooperation agreements involving investment, trade, energy, postal service, communications and media.

Earlier in the day, the Chinese vice-premier met with King Salman.

Saudi Arabia is the second leg of Zhang's four-nation tour which has already taken him to Kuwait. He will also travel to Sudan and Namibia.

http://www.chinadaily.com.cn/business/2017-08/25/content_31099957.htm

Wonderful news.

@ChineseTiger1986 @Chinese-Dragon @Shotgunner51 @long_ @Wholegrain (our resident Chinese Arabist that is missed greatly) etc. do you guys have additional information about the ongoing Arab Expo (began today if I am not wrong) in Yinchuan? Some of you guys have covered past editions of the Arab expo. Thanks in advance.

 

[The SC]

China says its bilateral relations with Saudi Arabia have entered a new era.

Chinese Vice Premier Zhang Gaoli made a three-day visit to Saudi Arabia from August 23 to August 25. During his visit, China and Saudi signed a series of deals worth nearly $70 billion. Zhang said that China-Saudi Arabia cooperation was going to enter a new, more robust, sustainable, and fruitful era.

China and Saudi Arabia’s relationship is getting significantly warmer recently. Days Before Zhang’ visit, Saudi Minister of Energy, Industry, and Mineral Resources Khalid Al-Faleh had just visited Beijing and met with Zhang on August 18. In the meeting, both sides vowed to strengthen economic ties.

Soon, Zhang met Khalid Al-Faleh again in Jeddah on August 24. During the meeting, Al-Faleh revealed that China and the Kingdom had signed 60 various agreements and memoranda of understanding worth nearly $70 billion, according to Saudi Arabian news agency SPA. China’s news agency Xinhua said the agreements covered investment, trade, energy, postal service, communications, and media.

Enjoying this article? Click here to subscribe for full access. Just $5 a month.
Besides Al-Faleh, the two most important figures Zhang met were Saudi King Salman bin Abdulaziz Al Saud and Saudi Crown Prince Mohammed bin Salman.

The meeting with the crown prince is particularly noteworthy. As King Salman’s favorite son, Mohammed was just appointed crown prince in June 2017. As first deputy prime minister, minister of defense, and president of the Council for Economic and Development Affairs, the crown prince, 31, is the de facto person in charge of Saudi foreign policy, security and the oil industry—the country’s main source of wealth. He is also known for his ambition, or—from perspective of his critics—aggression.

Showing his ambition for the country, the crown prince in 2016 initiated a national strategy called “Vision for 2030,” aiming to make the Kingdom a global investment powerhouse and the heart of the Arab and Islamic world while also diversifying the country’s economy, which is heavily dependent on oil.

His vision seems to match well with China’s Belt and Road Initiative, which was put forward by Chinese President Xi Jinping in 2013.

Since 2016, the crown prince has started to pave the road to cooperating with China. In August 2016, he led a committee to Beijing, met President Xi Jinping and signed 15 agreements with his Chinese counterpart. The trip was seen as the start of a closer relationship between China and Saudi Arabia.

Thediplomat

"He is also known for his ambition, or—from perspective of his critics—aggression."
They better call it aggressiveness and competitiveness..

 

[Saif al-Arab]

Long day. It appears that there is an entire webpage dedicated to this years Arab EXPO (officially named China-Arab States EXPO 2017) in China. Found it on Facebook.

http://www.xinhuanet.com/english/special/casetf/index.htm

Very nice. Should visit such a business summit one day.

The EXPO began yesterday and will end on Saturday apparently. It would be interesting if some Chinese users here or even Arab users (highly unlikely) were based in Yinchuan that could give some insight views of what is going on.

Very much interested in the private sectors and what type of projects the two parties are discussing and working on. More of such state-funded initiatives are needed but also private ones where business leaders, scientists, students, investors etc. meet in private but are representing their countries informally and their interests.

 

[The SC]

Long day. It appears that there is an entire webpage dedicated to this years Arab EXPO (officially named China-Arab States EXPO 2017 in China. Found it on Facebook.

http://www.xinhuanet.com/english/special/casetf/index.htm

Very nice. Should visit such a business summit one day.

The EXPO began yesterday and will end on Saturday apparently. It would be interesting if some Chinese users here or even Arab users (highly unlikely) were based in Yinchuan that could give some insight views of what is going on.

Sissi was in the opening ceremony..

Is this a new $70 billion deal(s) with China or is it a follow up on the $65 deal(s) signed during the visit of King Salman? Because there are some deals in this new one that were not announced in the other deal made in China!

 

[Saif al-Arab]

Sissi was in the opening ceremony..

Is this a new $70 billion deal(s) with China or is it a follow up on the $65 deal(s) signed during the visit of King Salman? Because there are some deals in this new one that were not announced in the other deal made in China!

Al-Sisi working overtime. Good.

I think it is either a follow up deal or an additional one. Possibly a combination as new announcements were made. Hard to tell as I imagine that not everything is fully publicized.

 

[Hakikat ve Hikmet]

Good to hear that RMB is slowly getting into the vital commodity trades!!! Better to have alternatives!!!! Pak needs to leverage it especially via CPEC....

 

[ChineseTiger1986]

At times it sure is. PDF is after all a living example of this phenomenon. Anyway no biggie.

Interview: China-Saudi Arabia ties rapidly developing: Chinese Ambassador
Source: Xinhua| 2017-08-23 09:50:29|Editor: Yang Yi


by Xinhua writers Xia Yuanyi, Wang Bo

RIYADH, Aug. 23 (Xinhua) -- The Chinese Embassy in Saudi Arabia is often a hub of activity with diplomatic missions and events, evidence of ties warming up between the two countries, said Li Huaxin, Chinese Ambassador to Saudi Arabia.

"In January, 2016, President Xi (Jinping) visited Saudi Arabia and announced the lifting of bilateral ties to a comprehensive strategic partnership in a joint communique with Saudi King Salman bin Abdulaziz Al Saud. From then on, our relations have quickly developed," the ambassador said in a recent interview with Xinhua.

The West Asian country has been China's top crude oil supplier for many years straight. Meanwhile, the latter is the former's biggest business partner, with bilateral trade reaching 42.36 billion U.S. dollars in 2016, according to Chinese official figures.

After more than 140 Chinese enterprises began tapping Saudi Arabia's markets, including in the energy, housing, construction and telecommunication industries, the "1+2+3" model has taken shape, said Li.

Specifically, the model refers to the energy industry as the core of business ties, with two supporting industries, namely infrastructure, and trade and investment, and three emerging, cutting-edge trade areas, mainly nuclear power, aerospace and renewable energy rounding out the center.

The ambassador also said that in the four years since the Belt and Road Initiative was put forward by China in 2013, Saudi Arabia has emerged as an important player along its route.

"The two partners bilaterally cooperate not only on economic and trade, but also on culture and education," Li said.

In 2013, Saudi Arabia hosted the Janadriyah Heritage Festival at the Janadriyah town, 45 miles (72.4 km) away from the capital Riyadh, in which China, as that year's "guest of honor," exhibited more than 30 traditional arts and 600-plus exquisite articles, attracting a sea of local residents.

Three years later, an exhibition titled "The Arab Road" displaying Saudi Arab's cultural relics was held at the National Museum of China, with 466 pieces of treasures on show, among which were several "Made-in-China" ceramics, tokens of the once bustling ancient Silk Road.

In March, King Salman attended the opening ceremony of the Peking University Branch of the King Abdul-Aziz Public Library during his state visit to China. The following month, China displayed some of its intangible cultural heritage in Saudi Arabia.

"The next step for the two great civilizations is to organize a Chinese Cultural Week together in Riyadh and Jeddah to promote mutual understanding through more performances and exchange visits," the ambassador said.

He added that in a bid to facilitate some young people in Saudi Arabia to learn the Chinese language and culture, the China National Office for Teaching Chinese as a Foreign Language is in talks with King Saud University about offering Chinese language classes. The university is the largest in the country.

Li says the first team of Chinese teachers will soon come to Saudi Arabia as cultural go-betweens.

"Because top leaders from both sides value bilateral ties and we are facing significant historical opportunities for development, bilateral cooperation will only go further," Li said, adding "both peoples will benefit from this progress."

http://news.xinhuanet.com/english/2017-08/23/c_136548057.htm

China, Saudi Arabia agree to build energy cooperation mechanisms
Xinhua | Updated: 2017-08-25 14:20

JEDDAH - China and Saudi Arabia agreed on Thursday to set up a package of bilateral energy cooperation mechanisms.

The agreement was reached when Chinese Vice-Premier Zhang Gaoli met with Saudi Crown Prince Mohammed bin Salman in the Saudi Red Sea resort of Jeddah during Zhang's visit to the Gulf Arab country.

Also during the talks, the two compared notes and reached broad consensus on bilateral cooperation in the fields of energy, finance and industrial capacity, among others.

They vowed to push forward a sea water desalination project using high temperature gas-cooled reactors, as well as a Chinese industry park in Saudi Arabia's southern border region of Jizan, and support the construction of a power plant in the western Saudi coastal town of Rabigh.

The two sides also agreed to promote cooperation over petrochemical projects and security matters, and enhance international coordination so as to further boost their bilateral comprehensive strategic partnership.

Also on Thursday, Zhang and Mohammed co-chaired the second meeting of a high-level steering committee, a regular meeting mechanism set up during Chinese President Xi Jinping's state visit to the Gulf Arab country last year.

The two co-hosted the first meeting of the committee in Beijing last August.

At the second meeting, the two sides agreed that the two countries have maintained close high-level exchanges, noting that Saudi King Salman bin Abdulaziz Al Saud visited China while a number of Chinese leaders have visited Saudi Arabia.

They also agreed that the two countries have made smooth progress in key projects, and signed 30 major projects over industrial capacity and investment cooperation.

Two-way trade has developed soundly with Saudi Arabia being China's largest trading partner in the region of West Asia and North Africa over the past 15 years.

Both sides pledged to strengthen coordination and communication on such multilateral platforms as the UN and the Group of 20 gatherings on major issues that concern the world system and order as well as the rights and interests of developing countries in a bid to cement strategic trust.

Beijing and Riyadh also vowed to further synergize their development strategies, and promote practical cooperation and cultural and people-to-people exchanges for shared benefits and win-win results.

They were also committed to stronger cooperation and exchanges in the fields of culture, education, health, technology, tourism and journalism.

After the meeting, the two sides signed the minutes of the meeting, and the two leaders witnessed the signing of a host of cooperation agreements involving investment, trade, energy, postal service, communications and media.

Earlier in the day, the Chinese vice-premier met with King Salman.

Saudi Arabia is the second leg of Zhang's four-nation tour which has already taken him to Kuwait. He will also travel to Sudan and Namibia.

http://www.chinadaily.com.cn/business/2017-08/25/content_31099957.htm

Wonderful news.

@ChineseTiger1986 @Chinese-Dragon @Shotgunner51 @long_ @Wholegrain (our resident Chinese Arabist that is missed greatly) etc. do you guys have additional information about the ongoing Arab Expo (began today if I am not wrong) in Yinchuan? Some of you guys have covered past editions of the Arab expo. Thanks in advance.

I think the Arab Expo is now becoming a routine event that belongs part of the One Belt One Road project.

 

[The SC]

I think the Arab Expo is now becoming a routine event that belongs part of the One Belt One Road project.

Most likely, since the whole Arab world is in favor of renewing the old silk road under its new modern name: The One Belt One Road project..