Kingdom emerges as China’s largest trading partner
For China, which has so far invested a total of $1.25 trillion abroad, Saudi Arabia remains the largest partner in West Asia and Africa, says Li Chengwen, Chinese ambassador to Saudi Arabia.
Addressing a press conference on Thursday, Chengwen said, the 4th China-Arab Cooperation Conference (CACC) in energy will be held in Riyadh this month where Arab leaders will conduct talks on oil and gas, in addition to peaceful use of nuclear energy and renewable energy cooperation.
Referring to the Chinese economy and external cooperation growth, Chengwen said his country, the second largest economy in the world, witnesses a “new normal situation.”
The Chinese economy still maintains a stable and continuous growth, he added. Besides, the statement issued after the Fourth Plenum of the 18th CPC Committee reflected its focus on the push of the rule of law in a comprehensive manner in China. Its overall objective is to build a system that serves the rule of law under socialism with Chinese characteristics and build a state in the shadow socialist rule of law, which provides a better environment for China’s development.
Quoting Chinese President Xi Jinping, the ambassador said Jinping stressed during the Asia-Pacific Organization for Economic Cooperation (APEC) summit that the Chinese economy continues and interacts with the global economy deeper, where it is expected to reach the value of Chinese investments abroad to $ 1.25 trillion for the next 10 years.
In this context, the value of Chinese imports will exceed $10 trillion in the next five years, while the number of Chinese tourists will exceed 500 million. “The stability and development of China will benefit the world and bring more opportunities for cooperation,” he noted.
“China is working to move the process of establishing the Free Trade Area of the Asia-Pacific in the current year. Approval of APEC members in the roadmap represents a historic step for the official launch of this process and emphasizes the APEC confidence and determination to push forward regional economic integration,” Chengwen added.
On Chinese-Arab level, the Chinese ambassador said that sharing in building a “belt and the road” will make the Arab states led by Saudi Arabia in the focal area in this great road linking the continents of Asia, Europe and Africa.
On the Group of 20 nations summit (G-20) in Australia, the Chinese ambassador stressed that the Kingdom is the only Arab country in the G-20 and has an important place in the global economic structure and energy.