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China, Saudi Arabia Agree To Further Enhance Financial Cooperation

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LAHORE MIRROR REPORT– China and Saudi Arabia have agreed to further boost financial cooperation in multiple fields, a high-level meeting revealed Thursday. 

The meeting of a financial sub-committee under the committee to coordinate bilateral cooperation concluded that the two countries will enhance communication and coordination of macro policies, develop synergy between the Belt and Road Initiative (BRI) and the Saudi Vision 2030 reform plan through financial sector, and promote inclusive growth and sustainable development.

Jointly chaired by Chinese vice finance minister Zou Jiayi and her Saudi Arabian counterpart Harmad Al-Bazai, the two sides agreed to support multilateralism, step up policy communication and support under multilateral mechanisms and cooperate to enhance the effectiveness of multilateral mechanisms.

The two countries will support reform of the World Bank and the International Monetary Fund and support new multilateral development institutions such as the Asian Infrastructure Investment Bank to play more active roles.

Both sides also agreed to boost settlement in local currencies and cross-border bond issuance.

The two countries will also encourage their financial institutions to expand businesses in each other’s market, the meeting participants consented.