| Saudi-China trade is developing smoothly |
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| Wednesday,July 29,2009 Posted: 13:28 BJT(0528 GMT) |
| From:ECCO Article type:Original |
According to the datum from Chinese Embassy in Riyadh, till the end of May, 2009, the bilateral trade between Saudi Arabia and China was US$10.30 billion, with the import of US$3.43 billion from China,increased 6.9%, and export of US$6.87 billion to China, decreased 40.7% compared to the same period last year.The main reason of the decrease of export to China is the falling price of oil.
Oil export to China in the five months reached 15.30 million tons, increased 15.7%.
In the situation of global financial crisis, both Saudi and Chinese governments have been adopting proactive fiscal policies and prudent monetary policies to mitigate the impact of the crisis on the domestic economies, and to stimulate economic development.
Saudi Arabia and China are quite complementary to each other in economy and trade, and have solid foundations in bilaterial relations. There will be great potentials in the development of trade and economic cooperations. |
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