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Saudi Arabia's visit to China closely bilateral strategic cooperation in energy
  • Release date:2017-05-16 07:21:48
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In from March 15th to 18th, Saudi Arabia's King Salman made a state visit to China, and his high-profile trip to six Asian countries reached a new climax. The visit of King Salman shows a strong stance towards "looking east" policy. The first is the urgent need to strengthen energy and economic cooperation with China and other Asian countries.

As a global oil hegemony, Saudi Arabia has a special and persistent pursuit of energy market share. In recent years, the pattern of international energy supply and demand has undergone major changes. Oil producing countries are increasingly competing for energy markets, while the Asian market is the most critical. In 2016, Russia surpassed Saudi Arabia as China's largest supplier of crude oil for the first time, putting pressure on Saudi Arabia, the country that maintains China's largest supply of crude oil for many years. Faced with the strong challenge of Russia, Angola and other countries, in January this year, Saudi Arabia recaptured the throne of China's largest crude oil supplier. Although Saudi want oil prices rebound, but the current for whether to extend the production agreement is not determined, will take full account of U.S. crude oil production and its market share, many factors and Saudi Aramco's listing plan etc.. Therefore, the hope that through close bilateral relations to consolidate and expand the country's oil exports, continue to sign long-term supply contract strategy, and build more refining and storage facilities investment in China and neighboring countries, the long-term investment strategy to promote the development of refining, lock and expand on the Asian market share of exports to add more chips.

Saudi Arabia also hopes to seek greater help for its economic transformation by strengthening its cooperative relationship with china. The fragility of Saudi economy has been exposed in the era of low oil price, and effective reform measures are urgently needed to maintain economic stability and growth. It is the main goal of Saudi economic reform to give full play to its own advantages in resources, change the pattern of economic development relying solely on oil, optimize the domestic industrial structure, realize economic diversification and enhance international competitiveness. In April 2016, Saudi Arabia formally launched the "2030 vision", hoping to promote economic diversification through a variety of ways, in order to eventually get rid of dependence on oil. However, the resistance of Saudi Arabia's economic reform is enormous, and it is very difficult to stop the long-term formation of "oil addiction" and realize the economic transformation and upgrading. The prospect of "2030 vision" is not optimistic. In this context, it is important for Saudi Arabia to promote domestic economic transformation, drawing on foreign experience in reform, attracting external investment and helping the international market operation. It also includes Saudi Aramco's IPO program, and Saudi Arabia wants the Asian countries to invest actively and participate in Aramco's shares to ensure a successful listing in 2018. As the world's second largest economy, and actively promote international economic cooperation in China, Saudi Arabia is one of the key targets.

Saudi Arabia occupies a strategic position in the one and only China energy security, and Saudi Arabia where the Gulf region is the junction of The Belt and Road ", for" The Belt and Road "construction plays an important role in supporting and connecting. China is also willing to give strong support to Saudi Arabia's "2030 vision". President Xi Jinping's visit to Saudi Arabia in early 2016, upgrade bilateral relations to a comprehensive strategic partnership, signed to build a "The Belt and Road cooperation agreement and other documents, and set up a joint committee of high level, bilateral relations more closely.

King Salman in 2014 had to visit Prince China, the visit is the successor to the king after the first visit to China, will create new opportunities for docking The Belt and Road "and" vision 2030 ", Saudi cooperation for energy, investment, finance and other areas have high expectations, hoping to stabilize energy trade in China, expansion or the new refining facilities, attract investment Chinese; China should seize the opportunity to promote the upgrading of energy cooperation, promote effective docking two development strategies, through the implementation of major cooperation projects to promote the" The Belt and Road "initiative bear more fruits in Saudi arabia.

First of all, in the docking development strategy should grasp the two direction of the field, that Saudi Arabia hopes to vigorously develop the non oil sector focused on the reform of the oil sector and hope. On the one hand, the "vision 2030" will focus on the reform of the oil sector, provides an opportunity for the outside world into Saudi oil field, and is expected to surpass the pure Chinese Saudi energy trade relations, extended to the downstream oil and gas cooperation, maintain the stability of the international energy market, global energy governance and other related fields. On the other hand, the "2030 vision" through the development of private economy and privatization to promote economic diversification, vigorously improve the investment environment, a series of non oil sector open to Chinese products and services in Saudi Arabia market offers great opportunities, can make the economies of relations beyond the traditional energy issues. Secondly, should focus on the industry to seize the strategic docking areas, strengthen cooperation in the manufacturing sector, especially transportation, industrial equipment, maintenance engineering and petrochemical equipment manufacturing industry and production cooperation, enhance the level of cooperation of whole industry chain; and the importance of renewable energy, tourism, retail, communications, e-commerce, financial services etc.. Finally, should the development strategy to achieve effective docking with various forms of three-dimensional, not only the bilateral government level development docking strategy and policy, more important is the service docking interoperability based, to build the industrial city, economic city, the industrial park or special economic zone development base docking, and cooperation projects in key industries and business docking.

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