Chinese stability brings new opportunities for cooperation with KSA
https://arab.news/gz3z8
China, as the world’s second-largest economy, has attracted worldwide attention through its economic developments, reforms and opening-up measures.
Since the beginning of this year, the Central Committee of the Communist Party of China, with Comrade Xi Jinping at its core, has brought together the Chinese people of all ethnic groups and led them in meeting difficulties head-on. It has steadily responded and increased macroeconomic regulations by deepening its reforms and opening-up policies, expanding domestic demands and optimizing economic structures, fostering a stable and progressive economy.
We have witnessed the solid development of new quality productivity, effective protections of people’s livelihoods, outstanding progress in risk prevention in key areas and steadily promoted high-quality developments and a stable social situation. The fundamentals of China’s economy, including its vast market, strong resilience and great potential, remain unchanged.
Recently, in response to new situations and challenges in the economy, China has introduced a series of policies to ensure continuous economic recovery. Macro policies have been strengthened with counter-cyclical adjustments, with a greater focus on delivering real benefits to the people and consumption stimulation. Further efforts have been made to support enterprises and improve the business environment. Comprehensive measures have been taken to stabilize the real estate market. A range of powerful and effective initiatives has been introduced to boost the capital market.
In the first half of the year, China’s economy grew by 5 percent, laying a solid foundation for achieving its annual targets
Chang Hua
These policies are working in sync and macro regulation has been effectively implemented, with the policy effects gradually becoming evident. These efforts have provided strong support for the stable development of the economy. For example, following the introduction of policies for large-scale equipment renewal and consumer goods trade-in programs, investment growth has been robust and consumer potential has been unleashed, leading to rapid sales growth in key consumer goods such as automobiles, home appliances and home furnishings.
The People’s Bank of China, the National Financial Regulatory Administration and the China Securities Regulatory Commission have announced a series of measures to support high-quality economic development, sending strong signals that have received positive responses from the market.
In the first half of the year, China’s economy grew by 5 percent, laying a solid foundation for achieving its annual targets. From January to August, total retail sales of consumer goods exceeded 31 trillion yuan ($4.3 trillion), fixed asset investments grew by 3.4 percent year on year and the total value of imports and exports of goods increased by 6 percent. Major indicators showed steady expansion, the potential of China’s vast market continued to emerge and the trend of stable economic development remained unchanged. The positive factors supporting stable and healthy economic development have been sustained. China’s economy has withstood pressure, stabilized its scale and improved its quality.
At present, amid accelerating changes unseen in a century, with the rise of unilateralism and protectionism and against the backdrop of headwinds facing economic globalization, openness is becoming increasingly rare. Faced with shared development challenges for humanity and a new round of technological revolution and industrial transformation, China has firmly adhered to high-level opening up.
This commitment not only stems from its successful practice of promoting reform and development through opening up, but is also a necessary move to grasp the laws of economic development and align with the trends of the times. Furthermore, it reflects China’s determination and responsibility to share opportunities with the world.
President Xi pointed out: “China’s opening up is not a solo show, we welcome the participation of all parties.” As members of the G20 and important countries in the Global South, China and Saudi Arabia are both important forces in maintaining world peace and stability. The two sides have consistent development strategies, similar development concepts and complementary development advantages. We are natural partners.
China is willing to work closely and move forward side by side with Saudi Arabia in the process of development
Chang Hua
Last month, Chinese Premier Li Qiang paid an official visit to Saudi Arabia and co-chaired the fourth meeting of the China-Saudi Arabia High-Level Joint Committee with Crown Prince Mohammed bin Salman.
Li stated that China is willing to work closely and move forward side by side with Saudi Arabia in the process of development. The two sides should further expand bilateral trade, deepen cooperation in traditional fields such as oil and gas, petrochemicals and infrastructure construction, bolster cooperation in emerging fields such as new energy, information and communications, digital economy and green economy, encourage domestic enterprises to invest and start businesses in the other country and jointly maintain the stability of the global industrial chain and supply chain.
The crown prince said that the two countries enjoy high-level mutual political trust and ever-deepening mutually beneficial cooperation in various fields. He said that Saudi Arabia is looking forward to further strengthening its high-level exchanges with China, giving full play to the role of the Saudi-China High-Level Committee mechanism, strengthening the synergy of development strategies and promoting exchanges and cooperation in energy, investment, finance, humanities and other fields to better benefit the people of the two countries.
China’s high-level opening up and Chinese-style modernization will bring more opportunities for mutual cooperation with Saudi Arabia. China is ready to work with Saudi Arabia to create higher-quality and more dynamic pragmatic cooperation, driven by the Belt and Road Initiative and other platforms and mechanisms, as well as making unremitting efforts to enhance the well-being of the peoples of the two countries and to promote peace and the development of the world.
- Chang Hua is China’s ambassador to Saudi Arabia. X: @AmbChangHua
