Arab-Chinese Brotherhood

During the visit of Chinese leader Xi Jinping to Saudi Arabia, China has become closer to Saudi Arabia than ever before.

One of the more interesting economic outcomes of Xi’s visit to the kingdom is the arrangement to pay for commodities in national currencies.

In addition, in a joint statement, Saudi Arabia and China reaffirmed the importance of stability in the global oil market. The PRC expects to work with Saudi Arabia to strengthen coordination of energy policy, increase the scale of crude oil trade, and strengthen cooperation in areas such as exploration and development. China also welcomed the role of Saudi Arabia in maintaining stability in the global oil market.

This means that the dollar is gradually leaving the settlement system of the two countries, and China approves the policy of OPEC, where Saudi Arabia plays a key role.

Recall that KSA is the largest supplier of oil to China, periodically sharing the first place with Russia.

In addition to energy, China and Saudi Arabia have signed 34 investment agreements in various areas.