Since diplomatic ties were established more than three decades ago, the leaders of both Saudi Arabia and China have worked steadily to develop and enhance the bilateral relationship.
China’s President Xi Jinping paid an official visit to Saudi Arabia in December at the invitation of King Salman, during which the leaders of both countries attended a Saudi-Chinese summit, a Gulf-Chinese summit, and an Arab-Chinese summit for cooperation and development.
As both countries had their own long-term strategic development plans, China with its Belt and Road Initiative and Saudi Arabia’s Vision 2030, the two leaders expressed their willingness to collaborate on connecting their initiatives.
They signed a cooperation agreement for the enhancement of research and studies in the maritime-transport industry. The Saudi crown prince also agreed to allocate $10 billion to establish a refinery and petrochemical complex in China.
The Arab League has affirmed that the first Arab-Chinese summit, hosted by Saudi Arabia in December, represents a milestone in the strategic partnership between Arab countries and China.
Saudi Arabia is one of China's most important trading partners, and the trade volume between the two accounts for one-third of the total trade volume between China and the Gulf Cooperation Council countries.
In the first half of this year, the trade volume between Saudi Arabia and China reached $55.6 billion, an increase of 38 percent compared with the same period last year, which far exceeded the 11 percent increase in trade volume between China and the rest of the world during the same period.
While Saudi Arabia's Vision 2030 is based on its unique strengths and capabilities. In October 2021, His Royal Highness Prince Mohammed bin Salman launched the National Investment Strategy, which is one of the key drivers for achieving the goals of Vision 2030.
Saudi Arabia is projected to be among the top 10 in the Global Competitiveness Index by 2030. It is also notable that foreign direct investment inflow into Saudi Arabia reached $19.3 billion in 2021 with a growth rate of 257 percent compared to the previous year.
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