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Saudi seeks opportunity in Belt and Road Initiative

CCTV.com

03-16-2017 13:51 BJT

(Source: CGTN)

China and Saudi Arabia established their diplomatic ties in 1990, the relationship deepened even more in 2016, when President Xi made a historic visit to the country in January. While two countries have cooperation in many fields like infrastructure and communication, the biggest part of all is energy.

Last year China imported 51 million tons of oil from the Saudi, and bilateral trade reached more than 42 billion U.S. Dollars. But in recent years, oil prices has been in fluctuations, from over $100 U.S. Dollars a barrel, to below $30 U.S. Dollars.

It was a big hit for Saudi's oil-based economy. Saudi's latest quarterly GDP growth down to 0.9%, the lowest since 2013. As the Belt and Road Initiative continues to move forward, Saudi said they will seek opportunities over there.

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