GRM 2010 GRM 2011

Abstract Details

Family Name:
First Name:
Title of Paper:
Oil and Beyond: Sino-Saudi Strategic Economic Relationship in New Era
Paper Proposal Text :
Abstract: The purpose of this paper is to analyze the development and the expanding strategic economic contents of Sino-Saudi strategic economic relationship in new era and try to answer the following three questions: 1. Does the economic importance of Saudi Arabia to China only lie in the oil sector? 2. Is Sino-Saudi economic relationship only confined to oil trade? 3. How could the recently proposed “One Belt and One Road” Project of China be effectively connected with the existing “Looks East” Policy of Saudi Arabia? Thereby, try to explore and construct the goals and ways of Sino-Saudi strategic economic relationship that beyond the oil sector.
This paper argues that Sino-Saudi economic relationship is becoming strategically prominent in new era with the rapid development of bilateral economic relationship, especially the expansion of the field of cooperation, from the single field of oil or oil trade to the fields of finance, investment, regional economic cooperation and global economic governance. The development of Sino-Saudi economic relationship is pushed forward by the bilateral economic and strategic demands, driven by the combination of the complementarities of the bilateral economy, the “Looks East” Policy of Saudi Arabia, the rise of China’s international status and the mutual strategic perception.
Saudi Arabia plays a crucial strategic role in China’s energy security and the two countries have promising prospects for cooperation in the fields of international investment, finance and development assistance. Saudi Arabia also plays an important role in the development of economic ties between China and GCC countries, Arab countries and Islamic countries and in the construction of “One Belt and One Road” Project and changes of Eurasian geo-economic landscape as well.
What’s more, Saudi Arabia plays a crucial role in the cooperation between China and emerging powers and in promoting global economic governance, including the cooperation within G20. At the same time, Saudi Arabia is also strategically important in promoting energy and economic cooperation between China and Western countries, such as the United States in the Middle East Gulf Region. As a result, Sino-Saudi economic relationship is increasingly having strategic meaning beyond bilateral scope which has become the foundation for the Sino-Saudi strategic cooperation.
For China, Saudi Arabia is a key country that has strategic pivot significance. In the future, works must be done to go beyond the single field of oil and consolidate the all-round cooperation of Sino-Saudi strategic economic relationship. At the same time, efforts must be made to co-ordinate the establishment of bilateral Multi-channel strategy and economic cooperation mechanism and study the foreign economic strategy of Saudi Arabia as well as the meeting point of Sino-Saudi strategy and interests. Moreover, we should also deal with the obstacles and problems in the bilateral economic relationship seriously and try to enhance the status of Sino-Saudi strategic economic relationship in China’s foreign economic strategy and Middle East policy.
Key words: China, Saudi Arabia, Oil, Strategic Economic Relationship