The mutual and regional cooperation between China's "Belt and Road" Initiative and Saudi Arabia's "Vision 2030" has been strengthened through the signing of a joint construction implementation plan in December 2022. In December 2022, President Xi Jinping attended the first China-Arab States Summit and the China-Gulf Cooperation Council Summit in Riyadh, the capital of Saudi Arabia, and paid a state visit to Saudi Arabia. The heads of state of China and Saudi Arabia signed the "Comprehensive Strategic Partnership Agreement between the People's Republic of China and the Kingdom of Saudi Arabia." The two sides also issued a joint statement and signed the "Joint Construction of the 'Belt and Road' Initiative and 'Vision 2030' Alignment Implementation Plan" and cooperation documents in the fields of energy, investment, justice, education, and news. In the first half of 2024, during the meeting in Riyadh, China and Saudi Arabia announced an investment of 10 billion US dollars again and signed 30 contracts involving mining, technology, renewable energy, agriculture, real estate, mining, tourism, and health.

Energy Cooperation

In 2024, the cooperation between China and Saudi Arabia has made significant progress in multiple fields such as energy, refining and petrochemicals, green energy, and the chemical industry. China continues to be the largest buyer of Saudi crude oil, and the two sides have close cooperation in crude oil trade. Saudi Aramco has signed annual supply contracts with several Chinese refineries and invested in the construction of a 10 billion US dollar refining and petrochemical complex in Northeast China. In addition, the two countries have signed multiple memorandums of understanding in the field of green energy, jointly promoting clean and renewable energy projects, including the construction of large-scale solar power plants in Saudi Arabia and "Belt and Road" member countries. In the chemical industry, Saudi Aramco has increased its investment in Chinese petrochemical projects and carried out in-depth cooperation with Chinese enterprises in multiple petrochemical fields. In terms of economic cooperation, the two countries have signed 24 agreements, strengthening cooperation in the fields of health, medical care, and technological innovation. The construction of special economic zones has also become a new highlight of cooperation between the two sides. The construction of the Saudi-China Special Economic Zone will focus on the development of manufacturing, logistics, and trade industries, further promoting the economic and trade cooperation between the two countries. Chinese enterprises have also actively participated in Saudi Arabia's new energy projects. For example, the China Energy Construction Consortium signed an EPC contract for the 2GW photovoltaic project in Saudi Arabia, showing the potential for cooperation between the two countries in the field of new energy. These cooperation projects and agreements not only reflect the continuous consolidation and deepening of the comprehensive strategic partnership between China and Saudi Arabia but also provide more opportunities and broader space for future cooperation between the two countries.

Investment Cooperation

China's investment in Saudi Arabia is showing a steady growth trend, and Saudi Arabia has become one of the countries where China undertakes the most engineering contracts and investments in the West Asia region. The scope of cooperation has expanded from energy trade to investments in infrastructure, communications, advanced technology, industry, finance, transportation, renewable energy, and other fields. Cooperation in the fields of e-commerce and the digital economy has also been significantly developed. The data on China's investment in Saudi Arabia indicates that a "major shift" is taking place, with Chinese exports and investments pouring into Saudi Arabia, challenging the commercial relationship between Saudi Arabia and its traditional Western partners. China has become the largest source of greenfield investment in Saudi Arabia, with a total investment of 21.6 billion US dollars, about one-third of which is invested in clean technologies such as batteries, solar energy, and wind energy.

The King Salman Airport Special Economic Zone is a key project of cooperation between Saudi Arabia and China, aimed at promoting cooperation between the two countries in the fields of economy, technology, and trade. The economic zone is planned to cover an area of 4 square kilometers, located within the King Salman Airport, and is expected to start construction in 2025. The economic zone will include a logistics/light industry park, an international trade park, and a living support area, aiming to attract multinational enterprises, enhance local supply chains and industrial capacity, and provide one-stop services and living facilities for enterprises. This special economic zone is not only of great significance for the diversification of Saudi Arabia's economy and the enhancement of its global logistics hub status but also provides a new platform for cooperation between China and Saudi Arabia in manufacturing, logistics, and trade industries, heralding a broad prospect for future cooperation between the two sides.

The Saudi financial market is also growing stronger, with Riyadh becoming one of the financial centers in the Middle East. The establishment of the first Chinese-funded bank in Saudi Arabia and the cooperation between Chinese and Saudi financial institutions and banks have created more opportunities for both sides.

Previously, during the first China-Saudi Arabia International Summit, Enovate will sign a contract with Saudi local Sumou Holding to establish a joint venture, jointly investing about 500 million US dollars in two phases in Saudi Arabia to set up a production and R&D base for new energy vehicles, with an annual output of about 100,000 new energy vehicles. Enovate has become the first Chinese new energy vehicle enterprise to produce in Saudi Arabia, fully leveraging Saudi Arabia's advantages in funds, geographical location, and policy support to expand the influence of Chinese new energy vehicle brands in Saudi Arabia and surrounding areas. In addition, Enovate is also discussing investment strategies with Saudi investors and shareholders, including the Saudi Sovereign Fund and Saudi Aramco.

Academic Communication

In 2024, academic exchanges and cooperation between China and Saudi Arabia continue to strengthen, reflected in multiple aspects. In the field of education, the second Saudi Jeddah International Chinese Education Forum was successfully held, focusing on the innovation of Chinese education and cultural exchanges between China and Saudi Arabia. At the same time, Saudi Arabia has introduced Chinese courses in public middle schools to further promote the study of Chinese. In addition, Saudi young students participated in the "Chinese Bridge" spring camp activity held at Shenzhen University, enhancing their understanding of the Chinese language and culture. In terms of economic cooperation, the two countries have signed multiple agreements to strengthen cooperation in the fields of health, medical care, and technological innovation. Technological cooperation is also continuously deepening. Chinese enterprise delegations visited Saudi Arabia to explore cooperation in new energy technology and equipment manufacturing, and the Saudi NEOM future city project showcased its innovative planning to Chinese enterprises. These activities have not only promoted exchanges between the two sides in the fields of academia, education, and technology but also laid a solid foundation for future cooperation between the two countries.