The Financial Sub-Committee of the High-Level Saudi-Chinese Joint Committee convened its fourth meeting via video conference. The session was co-chaired by Saudi Minister of Finance Mohammed Al-Jadaan and Chinese Minister of Finance Lan Fo’an, with senior officials and representatives from both nations participating. Discussions centered on enhancing bilateral and multilateral economic and financial cooperation between Saudi Arabia and China, improving the effectiveness of international financial institutions, and advancing the strategic partnership between the two countries, SPA reported.
Participants shared insights on boosting collaboration in essential areas, including tax policy, capital markets, banking regulations, financing, infrastructure development, and public-private partnerships.
In his remarks, Al-Jadaan emphasized the crucial roles of Saudi Arabia and China in fostering global economic integration through active participation in multilateral platforms. He pointed out that such platforms present valuable opportunities to support emerging economies and contribute to development, poverty reduction, and inclusive global dialogue.
He further underscored the significance of deepening trade and investment ties, enhancing financial integration, and aligning economic policies to promote shared prosperity and sustainable growth. Al-Jadaan advocated for greater innovation, strengthened research and development, and expanded public-private partnerships to cultivate a more inclusive and competitive financial ecosystem.
Read more: Volume of Saudi-Chinese trade exchange reached $319.9 billion from 2017 to 2021
Prioritizing economic challenges
The minister highlighted the Kingdom’s promising investment opportunities for Chinese partners, especially in infrastructure, tourism, and industrial sectors, as well as in collaboration with Saudi public sector entities.
During the session titled “Economic and Financial Multilateral Coordination,” Vice Minister of Finance Abdulmuhsen Al-Khalaf commended the leadership roles of Saudi Arabia and China in global financial institutions such as the International Monetary Fund (IMF) and the World Bank. He stressed the necessity for global forums like the Group of Twenty (G20) to prioritize economic challenges and adopt cooperative, solution-oriented approaches.
Al-Khalaf praised both countries’ contributions to international initiatives such as the Debt Service Suspension Initiative and the Common Framework for Debt Treatment, describing them as impactful tools for supporting global and emerging economies. He urged continued engagement and the exploration of new opportunities within global and regional multilateral platforms to enhance both nations’ international standing.
