China and Saudi Arabia to enhance economic ties with tangible steps

World
Europe

01:45

Hope without action is like a tree without fruit, this famous Arabic proverb was quoted and echoed by senior officials from both sides at the China and Saudi Arabia Economic and Financial Dialogue on Thursday. Both sides agreed to carry out tangible steps to enhance bilateral ties and make the tree of cooperation fruitful and prosperous.

Zou Jiayi, Chinese Vice Finance Minister said China looks forward to further strengthening its economic relationship with Saudi Arabia. Areas of focus include deepening communication on macro-economic policies, providing finance and taxation support for investments, as well as using constructive cooperation to fight protectionism and unilateralism.

"With the global economy facing greater downward pressure and multilateralism facing more risks, both China and Saudi Arabia should uphold multilateralism firmly, and consolidate the role of the G20 as the major platform for economic cooperation."

Saudi Arabian Deputy Minister of Finance Hamad Al-Bazai says China always plays a vital role in the landscape of the global economy, with its policies prudently balanced.

China is one of Saudi Arabia's biggest trading partners, and Al-Bazai hopes that the dialogue will inject new vitality into bilateral economic ties.

"Since both countries have shared goals for development, I agree that we should increase investment to each other. And we put great emphasis on cooperation with China in every aspect."

Photo via the Chinese Ministry of Finance

Energy consumption used to dominate the topic whenever people talk about economic ties between China and Saudi Arabia. And now with a new pattern of all-round cooperation between the two countries takes shape, the space for economic cooperation is expected to become more comprehensive and dynamic.