China's State Councilor Wu Yi on Sunday hailed the Chinese-Saudi economic ties in the Saudi Red Sea port city of Jeddah, Kuwait's official KUNA news agency reported.
Wu Yi, who is also deputy prime minister in charge of economy and external trade, and her accompanying delegation arrived in Jeddah from Bahrain earlier in the day.
She was greeted by Saudi Finance Minister Ibrahim al-Assaf and other senior officials at the King Abdulaziz International Airport.
During the five-day visit to the kingdom, the Chinese delegation, which groups more than 50 Chinese businessmen, will meet a number of Saudi officials and visit some Saudi economic sectors.
China and Saudi Arabia
China and Saudi Arabia signed the Memorandum of Understanding on Mutual Establishment of Trade Representative Office on Nov.11,1988. The trade representatives of the two countries assumed their posts in 1989.
The two countries founded Sino-Saudi Friendship Association and Saudi-Sino Friendship Association respectively in Oct.1997.
Economic and Trade Relations
The bilateral trade volume has grown fast since the establishment of diplomatic relations. The trade volume between the two countries increased from US$290 million of 1990 to US$3.098 billion of 2000, of which China exported US$1.145 billion and imported US$1.953 billion.
China mainly exports to Saudi Arabia textile, clothing, light industry products, food like grain and edible oil, etc. It imports from Saudi Arabia crude oil, chemical fertilizer, and petrol-chemical raw materials. 2000 saw a drastic increase of imports of Saudi Arabian crude oil by China.