Interview: Saudi Arabia keen to deepen cooperation with China on green industry: finance minister-Xinhua

Saudi Arabia's Finance Minister Mohammed Al-Jadaan speaks during an exclusive interview with Xinhua at the 8th Future Investment Initiative conference in Riyadh, Saudi Arabia, on Oct. 31, 2024. Saudi Arabia is keen to learn from and strengthen cooperation with China in the green industry, Saudi Arabia's Finance Minister Mohammed Al-Jadaan said here on Thursday. (Xinhua/Yan Jing)

RIYADH, Oct. 31 (Xinhua) -- Saudi Arabia is keen to learn from and strengthen cooperation with China in the green industry, Saudi Arabia's Finance Minister Mohammed Al-Jadaan said here on Thursday.

"China is leading the whole world in the green industry and renewable energy. There are a lot of technologies -- cars, batteries, and robotics -- that the world are trying to follow," Al-Jadaan told Xinhua in an exclusive interview at the 8th Future Investment Initiative conference kicked off here on Tuesday.

"We are trying to have even more cooperative approach between us and China," the minister said.

Calling the Saudi Arabia-China partnership "strategic" and "very important," the minister noted that China is Saudi Arabia's largest trading partner, "but it is not only about trade," but also about technology, the wider economy, and culture.

Recalling his visit to China in May, Al-Jadaan said he was impressed by the "first-hand developments, the significant achievements that have been made in the Chinese economy," and is very pleased with the discussions held between both sides then and the bilateral agreements signed in financial services and other areas.

The very fact that the two sides announced recently the year 2025 as the Saudi Arabia-China Year of Culture is "a significant sign that it (the partnership) is not only government-to-government, but people-to-people," he said.

Al-Jadaan highlighted commonalities between China's high-quality development philosophy and Saudi Arabia's Vision 2030, noting that both are long-term plans "that are communicated and executed with a lot of support from the government."

"I think China is the envy of the world when it comes to that commitment, that execution capability, and that long-term vision," he said.

Regarding recent Western reports suggesting that China's economy has peaked and its growth model is now exhausted, the minister dismissed the allegations, saying "China has been the very bright spot in the world economy, and the world recognizes this."

"Despite all the talks in the media about Chinese economy slowing down, it is growing at 4.8 percent... It's one of the fastest-growing economies despite all the challenges," he said.

Al-Jadaan said he was impressed by the Chinese government's "serious support" for the economy. The recent stimulus packages, including those in the financial sector, are "a sign that the government is responsive," he said, adding "they understand what is happening in the economy."

Against the backdrop of escalating conflicts across the world, Al-Jadaan said he is pleased that Saudi Arabia is working with China "to make sure that not only in this region, but globally we will bring more calm and de-escalation for the benefits of our people."

Together with international institutions like the International Monetary Fund and the World Bank, and under such frameworks as the Group of 20, Saudi Arabia and China could jointly contribute to addressing challenges facing the Global South, especially low-income countries and emerging economies, the minister said.

"We have very clear and common grounds on making sure that we (not only) do what is right for our people, for our economies, but also for the rest of the world to make sure that we have stability and growth," he added. ■