‏Saudi-Chinese Financial Sub-Committee Holds Third Meeting to Discuss Economic and Financial Cooperation

Aleqtsad. Riyadh

The Financial Sub-Committee for the High-Level Chinese-Saudi Joint Committee held its third meeting on May 20, 2024,and was chaired by His Excellency the Saudi Minister of Finance Mr. Mohammed Aljadaan, and the Chinese Minister of Finance Mr. Lan Fo’an, with the participation of senior Saudi and Chinese officials.

The participants discussed the macroeconomic situation andrelated policies, as well as bilateral and multilateral cooperation between Saudi Arabia and China.

During his opening speech, Minister Aljadaan said that the Committee represents an important platform for enhancing cooperation between Saudi Arabia and China, and comes as a continuation of the long and fruitful cooperation between the two nations on financial and economic issues at the bilateral and multilateral levels, emphasizing that China is a key partner in Saudi Arabia’s economic transformation.

During his closing speech for the first session, Minister Aljadaan highlighted the importance of having a clear macroeconomic policy framework to promote stability and sustainable growth, as well as to achieve a balance between fiscal and monetary policies. In his opening speech for the second session, Minister Aljadaan said that the potential for innovation and technical cooperation between China and Saudi Arabia is enormous, and that strengthening partnerships in areas such as artificial intelligence, renewable energy, and smart cities can drive economic transformation and create new avenues for growth and development.

In his closing speech for the second session, Minister Aljadaansaid that reforms require discipline, technical depth, and strong governance in the public sector while benefiting from the expertise of the private sector. He also closed the third session noting that through the Saudi Chairmanship of the International Monetary and Financial Committee (IMFC) in the International Monetary Fund (IMF), the Kingdom aims to enhance economic policy coordination and support the global recovery.

At the end of the Committee’s agenda, Minister Aljadaanemphasized that Saudi-Chinese relations have been characterized by friendship, cooperation, and mutual support in international forums. He also thanked the Chinese Minister of Finance for the fruitful discussions during the Committee’s work and for the warm reception offered to the Saudi delegation.