The third session of the Financial Sub-Committee within the High-Level Chinese-Saudi Joint Committee convened on May 20, 2024, co-chaired by Saudi Minister of Finance Mohammed Aljadaan and his Chinese counterpart, Lan Fo’an. The meeting, which included a delegation of high-ranking officials from both nations, focused on evaluating the macroeconomic landscape and exploring avenues for enhanced bilateral and multilateral cooperation between Saudi Arabia and China.
In his opening remarks, Minister Aljadaan underlined the significance of the committee as a strategic platform for advancing the financial and economic collaboration between the two countries. He reaffirmed the pivotal role of China in the economic transformation of Saudi Arabia, in line with the latter’s long-term development objectives.
Aljadaan, in his concluding speech for the inaugural session, stressed the necessity of a robust macroeconomic policy framework to ensure stability and foster sustainable growth. He also emphasized the need for synchronizing fiscal and monetary strategies. At the onset of the second session, he pointed to the vast potential for innovation and technical collaboration, particularly in areas such as artificial intelligence, renewable energy, and smart city initiatives, as catalysts for economic diversification and progress.
Wrapping up the second session, Aljadaan highlighted the need for reform discipline, technical sophistication, and robust governance within the public sector, while also leveraging private sector expertise. He concluded the third session by touching on Saudi Arabia’s role as chair of the International Monetary and Financial Committee (IMFC) within the International Monetary Fund (IMF), aiming to foster economic policy coordination and bolster global recovery efforts.
The meeting concluded with Aljadaan expressing gratitude towards the Chinese Finance Minister for the productive dialogue and the amicable reception bestowed upon the Saudi delegation. He reiterated the friendly, cooperative nature of Saudi-Chinese relations, marked by mutual support in various international arenas.