(Yicai Global) March 20 -- China and Saudi Arabia jointly said that the pair will enhance cooperation in oil, with the Middle Eastern country increasing its supply to the growing Chinese market.
The two countries believe a stable oil market is important for the world economy, China's Ministry of Foreign Affairs said in a joint statement for both parties two days ago. China views Saudi Arabia as a secure, reliable oil supplier and appreciates its role in stabilizing the global market, the statement said.
China supports Saudi Arabia's '2030 Vision' program, the statement said, and is ready to become its partner in its diversified economic efforts worldwide. Saudi Arabia is ready to be one of China's global partners and an important West Asian link in the Silk Road Economic Belt and 21st Century Maritime Silk Road. It also supports China's international summit for the 'One Belt, One Road' initiative.
Both countries are willing to improve international economic cooperation and boost trade under the framework of the G20 and international financial institutions, the statement said, adding that both sides appreciate the future role of the Asian Infrastructure Investment Bank, and are ready to work together to build a free trade zone for the China-Gulf Cooperation Council.
Saudi Arabia's King Salman, at the invitation of Chinese President Xi Jinping, visited China between March 15 and March 18. The pair met in Beijing two days ago and witnessed the signing of 21 Memorandums of Understanding worth around USD65 billion in total.Also, two Chinese companies, Shandong Tiangong Mechanical & Electrical Equipment Limited Company and ZTE were granted licenses to invest and trade in Saudi Arabia.