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Showing posts with label China. Show all posts
Showing posts with label China. Show all posts

Wednesday 5 April 2023

China, Brazil to trade in local currencies, dump US dollar !

Gaining recognition: A person holds Chinese yuan banknotes. More economies are willing to use the yuan in clearing and payments, which is a significant step for the Chinese currency to internationalise. — Reuters

 Dump Your USD!!

 
 Why the World Is Dumping the American Dollar | Vantage with Palki Sharma. China and Brazil have struck a deal to trade in their local currencies instead of the US dollar. They joined a long list of countries including Saudi Arabia, Kenya and India. Why is the world attempting to de-dollarise? Palki Sharma decodes
 
 
HAINAN: The Chinese yuan is speeding up in expanding its global use, a trend that will help build a more resilient international monetary system, one that is less dependent on the US dollar and more conducive to trade growth, experts say.

They commented after China and Brazil – two major emerging economies and BRICS members – reportedly reached a deal to trade in their own currencies, ditching the US dollar as an intermediary.

The deal will enable China and Brazil to conduct their massive trade and financial transactions directly, exchanging the yuan for reais and vice versa, instead of going through the dollar, Agence France-Presse reported last Wednesday, citing the Brazilian government. The report comes amid the rising global use of the yuan.

China’s first cross-border yuan-settled liquefied natural gas transaction was completed last Tuesday, after the Export-Import Bank of China achieved the first yuan loan cooperation with the Saudi National Bank, the largest bank in Saudi Arabia, earlier this month.

Zhu Min, vice-chairman of the China Centre for International Economic Exchanges, said the trend is underway that more economies are willing to use the yuan in clearing and payments, which is a “significant step” for the Chinese currency to internationalise and reflects the international community’s growing trust in it.

The financial sanctions adopted by the United States since the start of the Ukraine crisis have triggered a “crisis of confidence” for the dollar to some extent, boosting the global use of other currencies, including the yuan, Zhu said on the sidelines of the Boao Forum for Asia Annual Conference.

Zhou Maohua, a macroeconomic analyst at China Everbright Bank, said the use of local currencies in bilateral trade will be a win-win situation for China and Brazil, reducing the risk of exchange rate fluctuations facing foreign trade companies, and thus boosting trade growth.

In February, China and Brazil signed a memorandum of understanding on setting up yuan-clearing arrangements in Brazil, which is deemed by experts as a necessary infrastructure for the two economies to trade in local currencies.

The arrangements will help the two countries’ enterprises and financial institutions use the yuan for cross-border trade, and facilitate bilateral trade and investment, Foreign Ministry spokeswoman Mao Ning said.

Financial infrastructure associated with the internationalisation of the yuan should be further improved, said Pan Gongsheng, vice-governor of the People’s Bank of China, the country’s central bank, in early March.

The nation will further improve its trading and settlement system for cross-border investment and financing using the currency, Pan added.

“I think yuan internationalisation will likely accelerate,” said Hong Hao, chief economist at GROW Investment Group, a China-based global asset management company, underlining that the recent developments indicate that an alternative monetary system outside the US dollar hegemony is being developed. — China Daily/ANN 

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 China sees an upsurge of diplomatic visits

China has recently seen an upsurge of visits by political dignitaries of multiple countries to China. See the infographic for more.
 
 
China's hyperspectral satellite for Earth observation is now operational after completing in-orbit tests, offering advanced capabilities that combine spectra with images to detect various ground objects and specific atmospheric components xhtxs.cn/Gtu
 
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Friday 17 March 2023

Global Civilization Initiative proposed by Xi 'provides hope to heal the world in turbulence' – another gift from China to world

Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee and Chinese president, attends the CPC in Dialogue with World Political Parties High-Level Meeting via video link and delivers a keynote address in Beijing, capital of China, on March 15, 2023. Photo: Xinhua

 Global Civilization Initiative proposed by Xi 'provides hope to heal the world in turbulence'

Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee and Chinese president, proposed the Global Civilization Initiative. Experts said following the Global Development Initiative and the Global Security Initiative, China is trying to share its wisdom and plans to bring new hope for all nations to consider together on how to escape the trap of the "Clash of Civilizations" and find a path that can help the world sail through the current turbulence.

Xi proposed the initiative during his  key note speech on Wednesday at the opening ceremony of the CPC in Dialogue with World Political Parties High-Level Meeting via video link and delivered a keynote address.

Under the initiative, Xi called for respect for diversity of civilizations, advocating the common values of humanity, highly valuing the inheritance and innovation of civilizations, and jointly advocating robust international people-to-people exchanges and cooperation.

"We are ready to work together with the international community to open up a new prospect of enhanced exchanges and understanding among different peoples and better interactions and integration of diversified cultures. Together we can make the garden of world civilizations colorful and vibrant," Xi said.

World needs hope

According to a Xinhua News Agency story on Thursday, South African President Cyril Ramaphosa, also president of the African National Congress, and 11 other leaders of political parties and political organizations also addressed the dialogue on Wednesday.

They spoke highly of Xi's proposals in his keynote speech, and expressed their willingness to work with the CPC to play a leading and driving role in the modernization process.

"We fully agree with the four proposals put forward by Chinese President Xi in the Global Civilization Initiative," Ramaphosa said, noting the initiative is vital to the world today.

The event, with the theme "Path towards Modernization: the Responsibility of Political Parties," brought together more than 500 leaders of political parties and political organizations from more than 150 countries.

Li Haidong, a professor at the China Foreign Affairs University, told the Global Times on Thursday that the Global Civilization Initiative will help the world get rid of the old mentality for relations between different civilizations, and create a new landscape for the world which allows all countries to deal with each other based on stability, mutual respect and equality.

Experts said a very fundamental reason why the world at present is experiencing great turbulence is that the old international order dominated by the US-led West is making the world fall into the trap of "Clash of Civilizations," with many countries with different civilizations having a hard time to deal with each other peacefully.

Li said that within the US, people from different ethnic groups and with different religious beliefs are having more tensions rather than becoming more united. For the foreign affairs, during the time of the Trump administration, US senior officials openly hyped "Clash of Civilizations" and currently Washington is still having tensions with many countries with different civilizations, and even instigating conflicts between the countries in the same region with similar civilization.

At present, the old system and order dominated by the US-led West is causing huge problems and dangers to the world in the fields like geopolitics, supply and industrial chains, as well as the financial markets.

The Ukraine crisis is still far from easing, and the energy and foods crises are troubling many countries worldwide. At present, the new danger of a potential global financial crisis brought along by the collapse of US-based Silicon Valley Bank and the problem of Credit Suisse in Europe has made the world more unstable.

Liu Dian, an associate research fellow of the China Institute under Fudan University, told the Global Times on Thursday that in recent years, the world has been facing rising challenges and uncertainties.

"It's just about 15 years away from the financial crisis in 2008, the world is once again under the shadow of another crisis caused by the US," Liu noted. "The world is getting increasingly worried about the old system and getting more desperate to ask for new solution."

Contribute with action

From the Global Development Initiative and the Global Security Initiative to the latest Global Civilization Initiative, China has presented the world with an ideological system that gets increasingly mature. Adding to the China-proposed Belt and Road Initiative (BRI) and the ideal of the global community of shared future, China is trying to use its own wisdom, experiences and influence based on its own successful development and exploration in the past decades to help the world improve and reform the old problematic international system and order, experts said.

Liu said that the series of initiatives proposed by the top leader of the CPC and China are answering the questions for the world and our time. The combination of these three initiatives shows China's comprehensive thoughts that aim to solve global problems and improve global governance.

China is not just proposing the initiatives, but also making contribution through actions, and gain concrete achievements, analysts said. For instance, the successful mediation that lead to the resumption of diplomatic ties between Saudi Arabia and Iran, and the BRI that links countries with different civilizations to jointly realize development.

The vast majority of the international community welcomes and praises the latest reestablishment of Riyadh-Teheran diplomatic ties with China's support and assistance. This shows that the world in turbulence and regions in chaos desperately need new hope and new solution for peace and stability. China is actively utilizing its influence and wisdom to solve global challenges, as a result, more and more countries will be open to and carefully consider and research China's initiatives, Liu said. 

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Global Civilization Initiative – another gift from China to world: Global Times editorial

 

Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee and Chinese president, proposed the Global Civilization Initiative when he delivered a keynote speech at the opening ceremony of the CPC in Dialogue with World Political Parties High-Level Meeting on Wednesday. This is the third major global initiative presented by China after the Global Development Initiative and the Global Security Initiative. It fundamentally answers a series of questions of the times, such as "What kind of modernization do we need?" and "How can we achieve modernization?" The initiative has become another important public good provided to the world.

The background of the Global Civilization Initiative is that in recent years, as geopolitical conflicts have intensified, the "clash of civilizations" and "superiority of civilizations" have returned to public attention under the instigation and hype of some politicians in the US and the West. The hatred and estrangement among different civilizations have seriously hindered international cooperation. At the same time, "black swan" and "grey rhino" incidents are occurring frequently in the international community, and multiple challenges and crises are intertwined and superimposed. Different countries and civilizations urgently need to work together to deal with global challenges that affect the future and destiny of mankind as a whole. The Global Civilization Initiative can be said to have emerged in response to the demand of the times, and has strong practical significance and practical value.

The Global Civilization Initiative puts forward four initiatives - respect for diversity of civilizations, advocating the common values of humanity, highly valuing the inheritance and innovation of civilizations, and jointly advocating robust international people-to-people exchanges and cooperation. It covers the basic concepts and principles that different civilizations can tolerate each other and coexist, and has the source of motivation and a practical path for realization. It is a major initiative that is very constructive, operable and sustainable. Since it advocates respect for different civilizations and support for their development rights, it fully meets the strong needs of the international community and has shown strong vitality from the very beginning, arousing enthusiastic responses in the international community.

As abovementioned, after the end of the Cold War, the world entered an era of high globalization, but it has not really experienced peace. The Cold War mentality and practice of demarcating ideological boundaries and engaging in camp confrontation have not disappeared. On the contrary, in recent years it is resurging. The Russia-Ukraine conflict is essentially a remnant of the Cold War detonating a powder keg in the 21st century. In other parts of the world, the practice of distinguishing between friends and foes in the name of "values" and wooing one faction while fighting against another faction casts a huge shadow on world peace and development.

Furthermore, without true equality and inclusion among civilizations, the process of peace and development will always be at risk of being interrupted. There have been too many tragedies in this regard, both historical and current. In this sense, the Global Civilization Initiative is an extension and complement to the Global Development Initiative and the Global Security Initiative, and together they form the key components of a human community with a shared future.

The world does not need hatred, division or conflict, and the people of all countries want to live a good life. Since the founding of the People's Republic of China, the Communist Party of China has led the Chinese people to create two miracles - rapid economic development and long-term social stability. These are by no means "out of luck." Instead, they have their own profound internal logic. The Global Civilization Initiative, Global Development Initiative and Global Security Initiative are highly condensed versions of China's past successful experiences, which China is willing to share with the world without reservation to achieve common development through mutual exchange and learning. It can be said that these three initiatives are all high-quality global public goods demonstrating China's sincerity and goodwill.

It should be emphasized that China is not only a "thinker" but also a "doer" in promoting building a human community with a shared future. In the past year or so, the number of countries and international organizations supporting the Global Development Initiative has increased to more than 100; the Group of Friends of the GDI established on the UN platform has expanded to more than 60 members; and platforms such as the Global Development and South-South Cooperation Trust Fund, the Global Development Promotion Center, and the China Global Development Knowledge Network have also been established one after another. Just a few days ago, Saudi Arabia and Iran held a dialogue and reached an agreement in Beijing, which also became a successful practice of the Global Security Initiative. This happened less than a year after the initiative was first proposed.

Thus, there are more reasons to expect that the Global Civilization Initiative, together with the Global Development Initiative and the Global Security Initiative, will constantly inject stability and bring new hope to this world of turbulence and transformation. At the same time, we also believe that "Chinese modernization, as a new form of human advancement, will draw upon the merits of other civilizations and make the garden of world civilizations more vibrant." 

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Wednesday 1 February 2023

China's Rise to Economic Superpower, economy stands out in global arena

China's Rise to Economic Superpower 

World Economy

As the world still grapples with supply-chain backlogs (partially) caused by China’s strict Covid-19 policies, it has become painfully obvious how vulnerable the global economy is to national or even regional disruptions, especially if they happen in China, the world’s number one supplier of goods.

Over the past few decades, China has grown to become the world’s manufacturing hub and largest goods exporter by a significant margin, turning it from emerging market into economic superpower. According to estimates from the IMF’s latest World Economic Outlook, the country will account for 18.8 percent of the world’s GDP based on purchasing power parity (PPP). That’s up from just 8.1 percent two decade ago, when both the United States and the EU were miles ahead of China’s economic output.

Over the past 20 years, both the U.S. and the European Union have seen their economic superiority challenged, as new powers, such as China, India and others have emerged. While the U.S. saw its share of global GDP decline from 19.8 to 15.8 percent between 2002 and 2022, the EU’s share dropped from 19.9 to 14.8 percent of the same period.

The gap between China, the U.S. and the EU will likely widen over the next few years, as the economic outlook for the latter two is cloudy with a chance of recession, while China is expected to continue growing at mid-single-digit growth rates.

By Felix Richter 

Felix Richter
Data Journalist
felix.richter@statista.com +49 (40) 284 841 557

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China’s economy stands out in global arena 

 

Steady trade: Workers use computer terminals to monitor remote operations at a container port in Tianjin. China has now become a major trading partner for more than 140 countries and regions, with its total trade of goods up 7.7% y-o-y in 2022, topping the world for six consecutive years. — AP 

 Annual average growth of 4.5% between 2020 and 2022, outpacing the world average of around 2%

BEIJING: In its three-year-long fight against Covid-19, China posted outstanding results in economic development and epidemic control, reinforcing its status as a leading engine for the global economy.

From 2020 to 2022, China’s economy posted an annual average growth of 4.5%, outpacing the world average of around 2%, according to Yuan Da, director of the Department of National Economy of the National Development and Reform Commission.

In 2022, the economy grew 3% year-on-year (y-o-y) to a record high of 121 trillion yuan (US$18 trillion or RM76.3 trillion), with the increment standing at 6.1 trillion yuan (RM3.8 trillion), equivalent to the economic aggregate of a medium-sized country.

It also marks a new and higher level in terms of economic aggregate after the Chinese economy topped the thresholds of 100 trillion yuan (RM62.5 trillion) and 110 trillion yuan (RM68.8 trillion) in 2020 and 2021, respectively – maintaining its position well as the world’s second-largest economy.

Analysts attributed the hard-won results to the country’s effective coordination in fighting Covid-19 and its economic fallouts simultaneously.

Thanks to effective virus control and timely pro-growth policies, China’s economy has quickly emerged from the epidemic-induced slump and consolidated its recovery momentum for a brighter outlook.

To cope with the constantly evolving epidemic situation, China has been dynamically optimising its control measures while enhancing the treatment and vaccination capacity, effectively safeguarding the lives and health of its 1.4 billion population at minimum costs.As of Jan 13, 92.9% of the Chinese population has been fully vaccinated, with more than 90% of people above 60 covered by vaccination.

With Omicron much less pathogenic and deadly, China, in December last year, announced ten new measures to lift numerous Covid-19 restrictions. On Jan 8, its management of Covid-19 was officially downgraded from Class A to Class B.

Less than one month after the optimisation of Covid-19 response measures in December 2022, China reported declining numbers of fever patients and critical Covid-19 cases as both had passed the peak. In the just-concluded Spring Festival holiday, China’s consumption made a strong comeback.

During the week-long holiday, sales revenue of China’s consumption-related sectors rose 12.2% from the same holiday period in 2022. Its cinemas sold 129 million tickets, generating a whopping revenue of 6.76 billion yuan (RM4.2bil), the second highest-grossing to date.

Wen Bin, the chief economist with China Minsheng Bank, said that warming demand at home would propel the turnaround in the Chinese economy this year and estimated the country’s full-year gross domestic product growth at around 5.5%.

Aside from the overall economic growth, China also made significant headway in maintaining consumer price stability, guaranteeing food and energy security, and improving people’s livelihoods.

In 2022, China’s consumer price index grew by 2%, a fraction of the increases reported in the United States, the eurozone and Britain. It is also lower than those of other emerging economies.

Amid a global food crisis, the country has secured a bumper harvest for the 19th year in a row, with its grain output at about 686.53 billion kg in 2022, up 0.5% from 2021.

A total of 11.86 million, 12.69 million, and 12.06 million new urban jobs were created in 2020, 2021, and 2022, respectively, all surpassing the targets set for each year.

Despite the gloomy global investment environment, China remains one of the most attractive investment destinations in the world.

Foreign direct investment in the Chinese mainland, in actual use, expanded 6.3% y-o-y to 1.23 trillion yuan (RM768.8bil) in 2022.

China has now become a major trading partner for more than 140 countries and regions, with its total trade of goods up 7.7% y-o-y in 2022, topping the world for six consecutive years.

Recently, multiple international investment banks and financial institutions, including Morgan Stanley, Goldman Sachs, HSBC, Barclays, and Natixis, have upwardly revised their forecast for China’s economic growth rate in 2023, betting on the country’s rosy prospects and strong resilience. — Xinhua

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Sunday 22 January 2023

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A safer future: Crucial to enhance cybersecurity with quantum technology. -123rf.com

 

THE launch of quantum computer Qianshi is a milestone in the development of quantum technology.

For the first time, a quantum computer is accessible in the public ICT network, and people are able to connect to it using their personal devices. It has only 10 quantum bits (qubits), with capabilities of a traditional computer (Baidu launches quantum computer in China and gives people access via PC, smartphone or the cloud, The Star, Aug 26, 2022).

Quantum computers can be far more powerful than any supercomputer, capable of breaking any conventional encryptions within a short period. In the lab, quantum computers with performance matching the supercomputers on specific problems have been realised.

This should be alarming to the fintech and banking sectors as the current encryptions in financial transactions based on the RSA cryptosystem are no longer secure.

The capability of the quantum computer is attributed to the way it computes that is different from conventional computing algorithms.

Making use of quantum entanglement or the superposition of a number of possibilities (called quantum states) from many qubits, one can search everywhere for an answer “at once” and get the answer almost instantaneously, without having to go through multiple searches in sequence.Scientists around the world are actively engaged in the education, research and innovation of quantum information science and technology, driven by awareness of its awesome potentials.

The race for developing quantum technology has started long ago, focusing mainly on quantum computation, quantum communication and quantum sensing or metrology. In December 2013, the United Kingdom government invested £370mil (RM1.96bil) in quantum technologies over five years.

The European Commission followed suit in 2016, and invested £1bil (RM5.30bil) over the next 10 years. China launched a quantum satellite in August 2016 and initiated a big plan to connect cities with secure communication networks. In December 2018, the United States Senate passed the National Quantum Initiative, allocating US$1.275bil (RM5.47bil) over five years for quantum information science research and education. Our neighbour Singapore is far ahead, having started the Centre for Quantum Technologies since 2007. In September 2020, Thailand announced US$6mil (RM25.73mil) to develop quantum technology over eight years.

The global investment in quantum science and technology has reached almost US$30bil (RM128.64bil) with a projected global quantum technology market of US$42.4bil (RM181.81bil) by 2027.

Notable companies like Microsoft, IBM, Google and D-Wave that have invested heavily in developing quantum computer have made rapid advancements and breakthroughs, with some having been listed in the stock markets. In November 2021, IBM unveiled its 127-qubit quantum processor Eagle, claimed to be capable of solving complex problems that a traditional computer is unable to solve. Just recently, in 2022, the University of New South Wales, Australia, and Quantinuum have made major strides to improve the reliability of quantum computation process.

While the true power of quantum computers has not been demonstrated yet, the days of public concern for data security are not far away.

Fortunately, quantum physics provides us with an unconditionally secure technique against hacking by a quantum computer. Known as quantum key distribution (QKD) technology, it is now available in the market.

It uses quantum properties of light to transfer information in the form of encrypted keys that cannot be eavesdropped by anyone.

This technology protects confidential information against any potential hacking. The current effort is to extend the secure communication distance to hundreds of kilometres via existing fibre optics network.

We can expect to have a regional-scale quantum Internet and a long-distance quantum communication network that promises secure links for government agencies, financial hubs between cities and the possibility of epolling.

As the way people work and businesses operate has transformed to be more reliant on ICT and online communications since the Covid-19 pandemic, boosting the level of cybersecurity with quantum technology is becoming more important than ever. 

C.H. RAYMOND OOI

Professor Quantum & Laser Science group

Department of Physics, Faculty of Science

Universiti Malaya 

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Baidu launches quantum computer in China and gives people access via PC, smartphone or the cloud

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Friday 9 December 2022

China, Saudi Arabia deepen relations amid development synergy

During their meeting, both leaders discussed cooperation between China and Saudi Arabia in the matters of science, technology, regional peace and other aspects of society.

 

 Chinese President Xi Jinping arrived in Saudi Arabia to a lavish reception, a welcome seen as a not-so-subtle reminder to the United States that the Saudis can forge other alliances, analyst Nader Hashemi tells CNA’s Asia Now.

 

 

Xi, Saudi king agree to hold regular head-of-state meetings

The national flags of China and Saudi Arabia are seen on the street of Riyadh ahead of the China-Arab States Summit on December 7, 2022. Photo: thepaper.cn

The national flags of China and Saudi Arabia are seen on the street of Riyadh ahead of the China-Arab States Summit on December 7, 2022. Photo: thepaper.cn

  A grand welcoming ceremony, high-level bilateral meetings and wide-covering investment agreements are among proofs that China-Saudi Arabia relations have been lifted to a new high.

On Thursday, President Xi Jinping and Saudi King Salman bin Abdulaziz Al Saud signed an agreement on the comprehensive strategic partnership between the two countries and also agreed to hold a meeting between the two heads of state by turns every two years.

Experts believed that Saudi Arabia's industrial diversification endeavor can be a perfect match for China's Belt and Road Initiative and its policy of developing high-tech industries. During the visit, Saudi and Chinese companies signed 34 investment agreements, covering green energy, transportation, logistics, medical industries and construction, local media reported.

In the welcoming ceremony held by Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud on behalf of King at the royal palace in the capital Riyadh on Thursday, Xi reviewed the guard of honor, who extended the most solemn welcome to the Chinese president with traditional sword-holding etiquette.

Cultural roots

This visit also witnessed the efforts of the two sides to enhance people-to-people exchanges between the two countries. In a signed article published Thursday on the Saudi newspaper Al Riyadh, Xi said that "China and Saudi Arabia have admired each other and conducted friendly exchanges since ancient times. The prophet Muhammad said, 'Seek knowledge even if you have to go as far as China.'" 

Such mutual respect has been carried forward to today. On Thursday China agrees to list Saudi Arabia as a destination for group travel and expand personnel exchanges as well as cultural and people-to-people exchanges between the two sides.

Experts believed that China-Saudi relations play a crucial role in boosting the relations between China and Arab countries, serving as an example as South-South cooperation. As the only G20 member among Arab countries, Saudi Arabia has seen its regional influence grow, playing a leading role in the affairs of GCC as more Arab countries are realizing that compared to China that promotes peace and development in the region, the US instigated conflicts and divergences, imposes extra geopolitical conditions in its cooperation with Arab countries. 

A new level 

Abdulaziz O. Sager, chairman of the Gulf Research Center in Saudi Arabia told the Global Times that China-Saudi Arabia relations is a good role model that can be expanded to different countries in the Middle East region, as the great relationship is based on mutual interests and non-intervention in the domestic issues from both sides. 

"We will not interfere in the issues between the US and China. We will not take US' position when it comes to China. We think our relationship with China is extremely important, and extremely valuable," said Sager. 

China and Saudi Arabia will reportedly sign a plan to harmonize the Kingdom's Vision 2030 with China's Belt and Road Initiative, according to people familiar with the matter.

"There is a lot of complementarities between BRI and the Saudi vision 2030," said Sager, noting this unleashes many opportunities for China and Saudi Arabia to have stronger ties. He expects the China-Saudi Arabia and China-Arab relations to move forward not only from an economic dimension, but to have a political dimension, saying the Arab countries are looking for more constructive engagement with China on regional issues that are of concern to them.  

In the past, many Middle Eastern countries were seen as proxies of the West but are now trying to get rid of such identity by working on development on their own, seeking a balance in cooperation with major powers, Zhu Weilie, director of the Middle East Studies Institute at Shanghai International Studies University, told the Global Times on Thursday. 

"China-Saudi strategic relations have now entered a new level covering many more areas, and the two countries share similar aspirations in the country's development and reform, especially in green energy and digital economy," Zhu said, adding that deepening cooperation is in line with their own development targets, and it's not targeting any third-party country. 

Fahad Almeniaee, Director of the China and Far East Unit of the Riyadh-based Center for Research and Intercommunication Knowledge, told the Global Times that the relationship between the Kingdom of Saudi Arabia and China is a multi-faceted relations ranging from trade to culture. "Xi's visit has been successful by all standards," he emphasized. 

Broader cooperation 

Xi also met with leaders of several other regional countries, including Egyptian President Abdel Fattah al-Sisi, Palestinian President Mahmoud Abbas and Kuwait's Crown Prince Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabahon, on Thursday.

Commenting on China-Arab States Summit, news site Middle East Eye said the goals of China and the Gulf are aligned in many domains, which means that the summit is only likely to produce new synergies. "It is a growing reality in the Gulf and it is likely that the summit will elevate these economic synergies to a new level and a possible free trade agreement, oil deals in yuan and membership of BRICS Plus would hugely strengthen Gulf-China ties and further challenge US hegemony," the news site said. 

Xi's visit to Saudi Arabia came amid strained US ties with the Middle East country, some US media reports said, which also underlines Beijing's growing influence in the Middle East and draws "inevitable comparison" to a low-key welcome afforded to Biden when he visited Saudi Arabia in July. 

Compared with relations between the US and Arab countries, China's relations with them are based on equality and mutual respect with honesty, unlike the US which brings ideological bias in its interactions with the countries, some experts said. 

"And more Gulf countries understand that when the US mentions 'security,' it has become unsecure for them while China-proposed ideas promoting peace and development are much more welcomed," Wang Guangda, secretary-general of the China-Arab Research Center on Reform and Development at Shanghai International Studies University, told the Global Times. 

China hopes to promote the benefits for people of the both sides rather than competing with the US in terms of the influence in the region or filling "vacuum" left by the US, Wang said. 

China-GCC relations have achieved sound, steady and comprehensive development, staying at the forefront of China's relations with Arab countries. China has remained the GCC's largest trading partner for a long time. 

In 2021, the trade volume between China and GCC bucked the overall downward trend and rose by 44 percent. And China-GCC relations have set a fine example of cooperation between China and other developing countries. 

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1Xi’s Saudi trip to open up new prospects for China-Arab ties

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