Li’s visits to Saudi Arabia and UAE aim to boost cooperation

Chinese Premier Li Qiang’s Visit to Saudi Arabia and UAE to Strengthen Sino-Arab Cooperation

Chinese Premier Li Qiang will travel to Saudi Arabia to preside over the Fourth Meeting of the High-Level Chinese-Saudi Joint Committee and will visit Saudi Arabia and the UAE from Tuesday to Friday. Analysts expect that the visit will further promote cooperation between China and the two countries, especially in the fields of energy, finance and high-tech, and give positive impetus to regional development.

The China-Saudi Arabia High-Level Joint Committee was established in 2016. A third meeting was held in February 2019, co-chaired by then Chinese Vice Premier Han Zheng and Saudi Arabia Crown Prince Mohammed bin Salman Al Saud, according to Xinhua News. agency.

The China-Saudi Arabia High-Level Joint Committee and Premier Li’s visits to Saudi Arabia and the UAE will further promote practical cooperation in energy, a core area of ​​bilateral cooperation, seek deeper cooperation on high-tech exchanges, and improve the economy. Cooperation to boost economic stability and expand infrastructure projects, Sun Degang, director of the Center for Middle Eastern Studies at Fudan University, told the Global Times on Tuesday.

China and Saudi Arabia may also make some progress in cross-border crude oil transaction settlements, the expert noted.

Saudi Industry and Mineral Resources Minister Bandar al-Khoraef reportedly stated that Saudi Arabia was “open to new ideas,” including adopting the yuan for crude transactions, as reported by the South China Morning Post.

As more Arab governments look to wean themselves off of the US currency, diversifying the payment system makes sense as China has emerged as one of their main trading partners in recent years. This shift is not meant to weaken the dollar; rather, it is a reflection of the changing nature of commerce and the real necessity for China and the Arab world to work together. According to Sun, this kind of diversification is advantageous to both parties and consistent with more general global economic trends.

Although China and Arab countries are committed to building a community with a shared future, this effort will require continued innovation and expansion in both the scope and scale of their cooperation. Analysts said Saudi Arabia and the UAE, as China’s two most important trading partners in the Middle East and key hubs for innovation, will play a key role in Sino-Arab cooperation.

China’s focus on resolving disputes through economic cooperation and mutual benefit will not only help ease tensions in the Middle East, but also pave the way for long-term stability and prosperity in the region, Sun added.