China and Saudi Arabia have agreed to deepen their collaboration on trade, transportation and cargo logistics and coordinate the Belt and Road Initiative (BRI) and Vision 2030 after the two countries’ leaders met in Beijing.
According to Chinese-state run news agency Xinhua, Chinese vice Premier Han Zheng chaired the third annual China-Saudi Arabia High-level Joint Committee, which was attended by Saudi Crown Prince Mohammed bin Salman Al Saud.
During the summit on February 22, 2019, the two governments signed a series of memorandums-of-understanding on issues around trade, shipping, smart technology and logistics and resolved.
As part of that, both countries will coordinate their respective economic initiatives – the BRI, Beijing’s US $1 trillion attempt to boost world trade, and Vision 2030, Saudi Arabia’s project to diversify its economy away from oil and become a global hub of trade.
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Speaking about the strong relationship between the two countries, China’s vice Premier Han said: “China and Saudi Arabia should strengthen the synergy of the Belt and Road Initiative and the Saudi Vision 2030, enhance pragmatic cooperation on energy, infrastructure construction, finance, and high tech.”
Crown Prince bin Salman added to that and said Saudi Arabia was “ready to strengthen coordination and cooperation in multilateral affairs with China, so as to better maintain common interests.”
“Saudi Arabia,” he continued, “is willing to work with China to enhance synergy of development strategies, deepen cooperation in jointly developing the Belt and Road, and bring benefits to both countries and peoples.”