Chinese Finance Minister Lan Fo'an and Saudi Minister of Finance Mohammed bin Abdullah Al-Jadaan co-chaired the fourth meeting of the Financial Sub-Committee for the High-level China-Saudi Joint Committee on May 28. Photo: China's Ministry of Finance
Chinese Minister of Finance Lan Fo'an and Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan co-chaired the fourth meeting of the Financial Sub-Committee for the High-level China-Saudi Joint Committee on Wednesday, according to a statement posted on the website of China's Ministry of Finance (MOF) on Thursday.During the video conference, the two sides reached a number of agreements on topics including infrastructure investment and financing, customs, and finance, as well as cooperation under the frameworks of the G20 and multilateral development agencies, according to the MOF.
Under the strategic guidance of the leaders of the two countries, China-Saudi Arabia relations have developed comprehensively, rapidly, and in depth. China is ready to work with Saudi Arabia to deepen cooperation in the financial sector and enhance synergy between the Belt and Road Initiative and Saudi Arabia's Vision 2030, according to Lan.
As major emerging economies and developing countries, China and Saudi Arabia should continue to uphold multilateralism and jointly promote improvements of the global economic governance system, Lan said.
Mohammed bin Abdullah Al-Jadaan said that Saudi Arabia and China have made significant progress in financial and economic cooperation. He added that Saudi Arabia is ready to further strengthen multilateral and bilateral policy coordination and cooperation with China, advance the China-Saudi Arabia comprehensive strategic partnership, and jointly serve the interests of both nations and the well-being of all humanity.
Chinese Foreign Ministry spokesperson Mao Ning said on Wednesday that to further facilitate cross-border travel, China had decided to include more countries in its visa waiver programs and extend visa-free policies to ordinary passport holders from Saudi Arabia, Oman, Kuwait and Bahrain on a trial basis from June 9, 2025 to June 8, 2026.
Ordinary passport holders from the above-mentioned four countries can be exempted from visa to enter China and stay for no more than 30 days for business, tourism, family and friends visits, exchange and transit purposes, Mao said.
According to data Chinese online travel agency Qunar sent to the Global Times on Thursday, the number of travelers flying from the Middle East to China during the May Day holidays grew by over 60 percent. In June, direct flights from Riyadh, Saudi Arabia to Beijing is priced between 2,000 yuan ($278) and 2,800 yuan, while direct flights from Bahrain to Shanghai and Guangzhou in South China's Guangdong Province are priced at around 3,500 yuan while direct flights from Kuwait to Guangzhou are priced at around 2,500 yuan, according to the platform.
Sun Degang, director of the Center for Middle Eastern Studies at Fudan University, attributed the growing cooperation to several factors: strategic leadership by both countries' top leaders, deepening China-GCC engagement and rising solidarity among Global South countries.
Given their strong economic complementarity, China and Middle Eastern countries including Saudi Arabia can deepen cooperation in a wide range of areas, including energy, mutual investment, advanced technology and people-to-people exchanges, Sun told the Global Times on Thursday.
In March, ACWA Power, the largest private power producer in the Middle East, opened its first overseas innovation centre in Pudong New Area, Shanghai. The state-of-the-art facility will focus on developing and implementing innovative solutions in five key areas including photovoltaics, wind, energy storage, green hydrogen and seawater desalination, according to a press release.
The launch of our innovation centre in Shanghai is a testament to our commitment to global collaboration and technological advancement, said Saleh Khabti, president of ACWA Power China. Through partnerships with leading organizations, we aim to accelerate the development and deployment of sustainable energy and water solutions, not just in China, but across our global network.
