Chinese Premier Li Qiang Visits Saudi Arabia, United Arab Emirates

Emphasis on intensifying economic and trade cooperation under China's global New Silk Road Initiative

Li Qiang

Chinese Premier Li Qiang has arrived in Riyadh for a three-day visit that first includes Saudi Arabia and then the United Arab Emirates. In addition to talks with political and economic leaders in Riyadh and Dubai, during which the Chinese premier will discuss the participation of these two authoritative Gulf states in China’s Belt and Road Initiative (BRI), commonly known as the New Silk Road, Li Qiang will also chair the fourth high-level meeting of the China-Saudi Arabia Joint Cooperation Committee.

China is very active on the Arab side, both in terms of trade based on oil and natural gas imports and in terms of technological and industrial cooperation. Just prior to Li Qiang’s arrival in the Middle East, Qatar Energy announced a new agreement with Chinese state-owned shipyards China State Shipbuilding Corporation to purchase six more “extra-large” liquefied natural gas (LNG) methane carriers, bringing its total order to 128 ships. These vessels, known as QC-Max, are the largest LNG carriers ever built, each with a capacity of 271,000 cubic meters of LNG.

China’s exports rose 8.7% year-on-year in August 2024, increasing for the fifth consecutive month and exceeding the 6.5% expected by analysts. According to a press release from China Customs, China’s exports totaled $308.65 billion in the last summer month. The result recorded in August “is the strongest in 18 months.” Contrary to the trend, China’s imports rose just 0.5% last month after a 7-percent increase in July. The data also fell short of analysts’ expectations, who had estimated growth of 2 percent.