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Saudi Arabia & China sign trade agreements worth billions of dollarsChina and Saudi Arabia signed agreements potentially worth tens of billions of dollars on Thursday, Beijing said, as President Xi Jinping welcomed Saudi King Salman on a state visit.
No specifics were given about the 14 memoranda of understanding that were signed at Beijing’s Great Hall of the People, which included agreements in energy, and a range of other spheres. But China’s Vice Foreign Minister Zhang Ming told reporters various projects could be worth up to $65bn.
China is pivoting towards the Middle East, and Saudi Arabia is strengthening its alliances in east Asia, as the United States’ global diplomatic stance under President Donald Trump remains unclear.
China is also pushing Xi’s signature “One Belt, One Road” policy, a strategy to increase trade links and market connectivity between China, Europe and regions in between, based loosely on the ancient “Silk Road” trading route.
“This visit will push forward and continue to improve the quality of our relations and bear new fruit,” Xi told the king.
Publication date: 3/17/2017
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