According to the latest report released by the World Bank, the Gross Domestic Product (GDP) of Saudi Arabia is expected to grow this year1.6%, and will increase to2025, becoming the fastest - growing economy in the Gulf region. This growth is mainly due to Saudi Arabias implementation of a diversification strategy aimed at strengthening the non - oil economy and reducing dependence on crude oil revenue.4.9%Diversification Strategy Drives Economic Growth

The World Banks report points out that Saudi Arabias diversification strategy is the main driving force for its economic growth. This strategy includes strengthening the development of the manufacturing, logistics and trade industries, and promoting economic digitalization and decarbonization. In addition, an analysis by S&P Global shows that the expected interest rate cut by the Federal Reserve will also benefit emerging markets like Saudi Arabia, further promoting economic growth.

New Measures for China - Saudi Cooperation

At the recently held first Global Logistics Forum, the Minister of Transport and Logistics Services of Saudi Arabia announced the establishment of the Saudi - China Special Economic Zone. The economic zone will be jointly built by the international airport and international investment institutions, focusing on the development of the manufacturing, logistics and trade industries, and is expected to start construction in

. This measure aims to promote economic and trade cooperation between Saudi Arabia and China and further consolidate the important position of the two countries in global trade.2025Stable Bilateral Trade Relations between China and Saudi Arabia

As of

, the bilateral trade volume between China and Saudi Arabia reachedIn 202323 billion US dollars, of which Chinas exports to Saudi Arabia amounted to86 billion US dollarsDetailed Explanation of the Latest Record - filing Process and Precautions for Food Importers in 2023, and the import value wasUS$64.37 billion. China is Saudi Arabias largest trading partner, and Saudi Arabia is Chinas largest trading partner in the Middle East. With the establishment of special economic zones, the trade volume between the two countries is expected to continue to rise.

Application of RMB in Crude Oil Settlement

The Minister of Industry and Mineral Resources of Saudi Arabia said that the country is exploring the use of RMB in crude oil settlement. In November 2023, the Peoples Bank of China and the Saudi Central Bank signed a bilateral currency swap agreement with a swap size of50 billion yuan/ 26 billion Saudi riyals. The agreement is valid for three years and can be extended upon mutual consent. This move will help strengthen financial cooperation between the two countries, expand the use of local currencies, and promote trade and investment facilitation.

Expanding Field Cooperation

The Saudi side also plans to deepen cooperation with China in multiple fields such as metals, pharmaceuticals, smart cities, robotics, and renewable energy. Especially in the fields of electric vehicles and aerospace, Saudi Arabia actively introduces Chinese - made electric vehicles and C919 airliners, and signs a memorandum of understanding with Comac to promote the localization of the aviation industry and the development of the supply chain.

Tourism Cooperation and Increase in Direct Flights

To promote the development of tourism, the Saudi Tourism Festival was grandly opened in Beijing. The Saudi Minister of Tourism said that China is Saudi Arabias major trading partner, and the cooperation between the two sides in cultural exchanges is also deepening. Saudi Arabia has become a popular destination for Chinese citizens outbound group tourism. It has launched a convenient e - visa system and opened several direct flights. As ofOctober 2024, the flight seat capacity between China and Saudi Arabia has increased by52%, with a total of more than243,000 seatsprovided, further strengthening the air connection between the two countries.

Future outlook

With the in - depth implementation of Saudi Arabias economic diversification strategy and the continuous deepening of China - Saudi cooperation, Saudi Arabia is expected to achieve higher economic growth targets in the coming years. Especially the cooperation in manufacturing, logistics, trade, and renewable energy will bring more economic benefits and development opportunities to both countries. At the same time, the application of RMB in crude oil settlement and the implementation of the bilateral currency swap agreement will further promote China - Saudi financial cooperation and facilitate and diversify trade between the two countries.