Saudi Finance Minister Mohammed Al-Jadaan said China is a partner in the ongoing economic transformation in Saudi Arabia under Vision 2030, pointing to abundant opportunities for growth and cooperation.
Al-Jadaan and his Chinese counterpart Lan Fo’an chaired on Monday the third meeting of the Financial Subcommittee of the Saudi-Chinese High-Level Joint Committee, which was held in Beijing, with the participation of a number of officials from both sides.
The participants discussed many topics, including macroeconomic conditions and policies, in addition to bilateral and multilateral cooperation between the Kingdom and China.
Al-Jadaan stressed that the committee is an important platform to boost cooperation between Riyadh and Beijing, and comes as a continuation of the long and fruitful cooperation between the two countries on financial and economic issues at the bilateral and multilateral levels. He also noted that China has become a major partner for the Kingdom’s economic transformation.
The Saudi minister emphasized the necessity to have a clear framework for macroeconomic policies to promote stability and sustainable growth, and to achieve a balance between fiscal and monetary policies.
He pointed to the enormous potential for innovation and technical cooperation between China and Saudi Arabia and highlighted the need to strengthen partnerships in areas such as artificial intelligence, renewable energy, and smart cities, which he said can drive economic transformation and create new paths for growth and development.
Reforms require discipline, technical depth, and strong governance of the public sector while benefiting from the expertise of the private sector, he went on to say.
The Kingdom seeks, through its presidency of the IMF International Monetary and Financial Affairs Committee, to bolster economic policy coordination and support global recovery, stressed Al-Jadaan.
At the conclusion of the committee’s work, Al-Jadaan emphasized that Saudi-Chinese relations are characterized by friendship, cooperation and mutual support at international forums.
