ANKARA 

China and Saudi Arabia have vowed to deepen cooperation in trade, investment, and industrial and supply chains, besides joint support for a multilateral trading system, Chinese state media reported on Wednesday.

The understanding was reached during a meeting between China’s Commerce Minister Wang Wentao and Saudi Investment Minister Khalid Al-Falih on Tuesday.

The meeting was held ahead of a four-day China-Arab States Expo, starting from Thursday till Sunday in Yinchuan, northwest China’s Ningxia Hui autonomous region, where the two sides exchanged views on deepening cooperation in trade, investment, and industrial and supply chains, Beijing's Commerce Ministry said in a statement.

This year marks the 35th anniversary of diplomatic ties between China and Saudi Arabia.

Wang said China is ready to align its Belt and Road Initiative with Saudi Arabia’s Vision 2030, expand bilateral trade, enhance two-way investment, and broaden cooperation in new energy, supply chains and capital markets, to further strengthen economic ties.

Observing that the global economy is currently facing severe challenges and the multilateral trading system is under strain, the two countries should make full use of platforms such as the G20 and WTO, strengthen coordination, jointly safeguard international trade rules, and uphold multilateralism through openness and cooperation.

Al-Falih said Riyadh is ready to deepen trade cooperation, support Saudi companies in expanding investment in China, and welcome more Chinese companies to invest in Saudi Arabia.

He said the two countries will strengthen practical cooperation in advanced manufacturing, new energy, supply chains and industrial parks, further enriching their comprehensive strategic partnership. Saudi Arabia supports multilateralism and stands ready to work with China to safeguard the multilateral trading system and global trade rules, he added.

In a related department, a China-Saudi Arabia dialogue covering government and business sectors was held in Beijing on Tuesday, where Chinese and Saudi enterprises held direct exchanges, focusing on major project cooperation, industrial chain alignment and investment opportunities.