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Last updated at: (Beijing Time) Tuesday, April 02, 2002

Saudi Finance Minister Meets Chinese State Councilor

Saudi Minister of Finance and National Economy Ibrahim Al-Assaf held talk with visiting Chinese State Councilor Wu Yi Monday in Jeddah.


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Saudi Minister of Finance and National Economy Ibrahim Al-Assaf held talk with visiting Chinese State Councilor Wu Yi Monday in Jeddah.

  • At a joint press conference following the meeting, Wu said she discussed with the Saudi minister ways of boosting bilateral cooperation and expanding the trade volume, especially the Saudi oil export to China.

    The trade volume between the Kingdom and China exceeded 4 billion U.S. dollars in 2001 and is expected to hit 5 billion in 2002, according to Wu.

    The Chinese councilor said that the two sides also probed ways of encouraging businessmen of both countries to increase their investments, visits and contacts.

    She also said that her meeting with Saudi King Fahd Ibn Abdul- Aziz on Sunday was very constructive, and she took note of his keenness to develop the bilateral ties in all areas.

  • For his part, Al-Assaf pointed out there are promising chances for Saudi businessmen to export electronic and petrochemical products to China and Saudi Arabia is also a potential market for Chinese products.

    The Saudi minister said that the two countries are negotiating two documents on avoidance of double taxation and standard specifications.

    The visit to Saudi Arabia by the Chinese councilor, who is in charge of economy and foreign trade, is part of the distinguished ties between Kingdom and China and provides an opportunity to strengthen cooperation, Assaf said.

    Wu arrived here Sunday evening for a five-day official visit to Saudi Arabia.



    China and Saudi Arabia
    Political Relations
    China and Saudi Arabia signed the Memorandum of Understanding on Mutual Establishment of Trade Representative Office on Nov.11,1988. The trade representatives of the two countries assumed their posts in 1989.

    The two countries founded Sino-Saudi Friendship Association and Saudi-Sino Friendship Association respectively in Oct.1997.

    Economic and Trade Relations
    The bilateral trade volume has grown fast since the establishment of diplomatic relations. The trade volume between the two countries increased from US$290 million of 1990 to US$3.098 billion of 2000, of which China exported US$1.145 billion and imported US$1.953 billion.

    China mainly exports to Saudi Arabia textile, clothing, light industry products, food like grain and edible oil, etc. It imports from Saudi Arabia crude oil, chemical fertilizer, and petrol-chemical raw materials. 2000 saw a drastic increase of imports of Saudi Arabian crude oil by China.

    For more information, please visit the Ministry of Foreign Affairs





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