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Al-Jadaan: China Is a Major Partner in Saudi Arabia’s Transformation under Vision 2030

Saudi Finance Minister Mohammed Al-Jadaan and his Chinese counterpart Lan Fo’an meet in Beijing. (Photo taken from X)
Saudi Finance Minister Mohammed Al-Jadaan and his Chinese counterpart Lan Fo’an meet in Beijing. (Photo taken from X)
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Al-Jadaan: China Is a Major Partner in Saudi Arabia’s Transformation under Vision 2030

Saudi Finance Minister Mohammed Al-Jadaan and his Chinese counterpart Lan Fo’an meet in Beijing. (Photo taken from X)
Saudi Finance Minister Mohammed Al-Jadaan and his Chinese counterpart Lan Fo’an meet in Beijing. (Photo taken from X)

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.

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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)

Severe wildfire seasons are increasingly hurting western Canada's lucrative tourism industry, with some visitors beginning to avoid the busy late-summer months due to concerns about uncontrolled blazes, smoke-filled skies and road closures.

After a scorching start to July, nearly 600 wildfires are now ablaze across British Columbia and Alberta, including a huge fire that this week devastated the picturesque tourist town of Jasper in the Canadian Rockies.

Dozens of communities, including popular holiday spots in British Columbia's Kootenay region, are under evacuation orders and several highways are closed.

This year's surge in wildfire activity comes after Canada endured its worst-ever year for wildfires in 2023, when more than 15 million hectares (37 million acres) burned, including parts of the city of West Kelowna in the heart of British Columbia's wine region.

Ellen Walker-Matthews, head of the Thompson Okanagan Tourism Association, said the industry was seeing a lot more last-minute travel decisions instead of booking in advance.

"It's a huge blow. July and August are traditionally the busiest months in the region," said Walker-Matthews, adding that while her region has been relatively unscathed by wildfires this summer, some visitors are choosing to avoid interior British Columbia altogether.

The members of the British Columbia Lodging and Campgrounds Association are reporting a 5-15% drop in bookings from a year ago, with the biggest declines coming from the hotter Okanagan and Cariboo regions, said Joss Penny, who heads the association.

"The concern is that this is something we have to live with and we have it every year now," said Penny.

Although wildfires in Canada's forests are natural and common, scientists say drier, hotter conditions fueled by climate change are leading to more volatile and frequent blazes.

'SMOKEY SKIES'

Some events, like the Salmon Arm Roots and Blues Festival, usually held in August, have now been rescheduled to earlier in the summer to avoid what is now seen as peak smoke season. The festival, which was cancelled last year due to nearby wildfires, was this year moved to July to benefit from "less smokey skies."

Wildfires and extreme climatic events are prompting tourists to "change their plans not just temporarily, but permanently," said Elizabeth Halpenny, a tourism researcher and professor at the University of Alberta, noting that seasonal workers in the sector are often the hardest hit as they have few protections during a bad season or amid a cataclysmic fire.

Tourism contributed C$7.2 billion to the British Columbia economy in 2022, and C$9.9 billion to Alberta in 2023, according to the latest government data.

Jasper National Park is one of Canada's premier tourist destinations, with more than 2 million visitors a year flocking to see its pristine mountain landscapes and abundant wildlife, including grizzly bears, moose and elk.

Kelly Torrens, vice-president of product at international tour company Kensington Tours, described western Canada as a bucket-list destination. But the company now has 49 trips that were supposed to pass through Jasper this season in limbo. Six others were forced to evacuate the park when the fire hit.

Parks Canada has cancelled all camping reservations within Jasper National Park until Aug. 6 and with potentially 50% of the town's structures destroyed by fire, the cleanup and rebuild could take years.

Halpenny is among those hedging their bets.

"I've booked a campsite stay in the mountain parks but at the same time, I booked a campsite out on the prairie somewhere and that's my backup plan because I don't want to miss out on my vacation with my family."