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Saudi Arabia Shows the World its Vision for Expo Riyadh 2030

Artistic paintings and singing performances impressed the forum’s guests (Asharq Al-Awsat)
Artistic paintings and singing performances impressed the forum’s guests (Asharq Al-Awsat)
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Saudi Arabia Shows the World its Vision for Expo Riyadh 2030

Artistic paintings and singing performances impressed the forum’s guests (Asharq Al-Awsat)
Artistic paintings and singing performances impressed the forum’s guests (Asharq Al-Awsat)

The closing forum to host the Riyadh Exhibition (Expo 2030), which was held by the Royal Commission for the City of Riyadh, was successful by all standards.

The choice of the place, in the Meudon forest - located west of Paris and known for its beautiful lake and spacious building suitable for major events - was in harmony with the purpose of the Saudi presentation, which is to delight the eyes and ears with the exceptional watercolor paintings.

The artistic scenes presented by the Saudi bands, accompanied by musical performances by a large orchestra of 56 musicians, came to dazzle the forum’s guests. Hundreds of attendees responded to the invitation, highlighting support for Saudi Arabia for winning the hosting of Expo 2030.

It was clear to everyone that the exhibition falls completely within the framework of Vision 2030 and its various ambitions. The large and high-ranking official Saudi delegation, the warm hospitality, and the good organization were all elements that gave the forum a special flavor.

According to the sources of the Saudi delegation, there are serious chances of Saudi Arabia winning the privilege to host the international event, even though Seoul, the capital of South Korea, is deploying great efforts to influence the members of the International Bureau of Exhibitions and win them over to its advantage.

The final word is due to be announced on Nov. 28, on the occasion of the General Assembly of the Bureau International des Expositions, where the competing countries will be given the last opportunity to present their arguments, after which a vote will take place to appoint the winning party immediately.

The Riyadh exhibition carries the slogan, “Together We Shape the Future” (a better tomorrow, climate action and prosperity for all), and will be held for six months (from October 1, 2031 until the end of March 2031).

Organizers expect the event to achieve record numbers on many levels. The exhibition will stretch over 6 million square meters, while 179 countries will join the event. Virtual visitors are expected to reach one billion, and in person visitors will account for 40 million, in addition to the participation of 246 non-governmental bodies.

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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)
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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)

Chinese lawmakers are deliberating a draft of the country's first basic law specifically focused on the development of the private sector, the country’s Xinhua news agency reported.

“The law will be conducive to creating a law-based environment that is favorable to the growth of all economic sectors, including the private sector,” said Justice Minister He Rong, while explaining the draft on Saturday during the ongoing session of the Standing Committee of the National People's Congress, the national legislature.

The draft private sector promotion law covers areas such as fair competition, investment and financing environments, scientific and technological innovation, regulatory guidance, service support, rights and interests protection and legal liabilities.

The draft has incorporated suggestions solicited from representatives of the private sector, experts, scholars and the general public, the minister said.

China left its benchmark lending rates unchanged as expected at the monthly fixing on Friday.

Persistent deflationary pressure and tepid credit demand call for more stimulus to aid the broad economy, but narrowing interest margin on the back of fast falling yields and a weakening yuan limit the scope for immediate monetary easing.

The one-year loan prime rate (LPR) was kept at 3.10%, while the five-year LPR was unchanged at 3.60%.

In a Reuters poll of 27 market participants conducted this week, all respondents expected both rates to stay unchanged.

Morgan Stanley said in a note that the 2025 budget deficit and mix are more positive than expected and suggest Beijing is willing to set a high growth target and record fiscal budget to boost market confidence, but further policy details are unlikely before March.

Last Friday, data released by the country's central bank said total assets of China's financial institutions had risen to 489.15 trillion yuan (about $68.03 trillion) by the end of third quarter this year.

The figure represented a year-on-year increase of 8%, said the People's Bank of China.

Of the total, the assets of the banking sector reached 439.52 trillion yuan, up 7.3% year on year, while the assets of securities institutions rose 8.7% year on year to 14.64 trillion yuan.

The insurance sector's assets jumped 18.3% year on year to 35 trillion yuan, the data showed.

The liabilities of the financial institutions totaled 446.51 trillion yuan, up 8% year on year, according to the central bank.

Separately, data released by the National Energy Administration on Thursday showed that China's electricity consumption, a key barometer of economic activity, rose by 7.1% year on year in the first 11months of the year.

During the period, power consumption of the country's primary industries increased by 6.8% year on year, while that of its secondary and tertiary sectors rose by 5.3% and 10.4%, respectively.

Residential power usage saw strong growth of 11.6% during this period, the administration said.

In November alone, power usage climbed 2.8% from one year earlier, according to the data.