Aug 27, 02:30 PM

China Presses Saudi Arabia for Closer Trade Ties as Gulf Deal Stalls

Chinese Commerce Minister Wang Wentao met Saudi Arabia’s Investment Minister Khalid Al-Falih in Beijing this week, calling for wider cooperation in new energy, industrial supply chains and capital markets and pledging to expand the scale of bilateral trade, the Ministry of Commerce said. The two sides discussed linking President Xi Jinping’s Belt and Road Initiative with Crown Prince Mohammed bin Salman’s Vision 2030 economic programme. Beijing is also seeking Riyadh’s support to revive free-trade talks with the six-nation Gulf Cooperation Council, negotiations that have been stalled amid concerns over cheap Chinese imports, according to Reuters. Saudi Arabia maintained a US$57 billion trade surplus with China in 2024, shipping crude oil that made up more than 80 percent of its exports. China sold about US$50 billion of goods to the kingdom, led by smartphones, solar panels and passenger cars, Chinese customs data show. China’s push to deepen Gulf ties comes as its exporters face higher tariffs from the United States and European Union. Domestically, commerce officials said additional policies to stimulate services consumption will be unveiled in September as Beijing works to bolster overall trade growth.