1996 News Story

Finance minister returns from China

Minister of Finance and National Economy Dr. Ibrahim Bin Abdul Aziz Al-Assaf returned yesterday from Beijing, where he attended the meetings of the Saudi-Chinese Joint Commission.   Dr. Al-Assaf stated that bilateral trade had registered an increase of 47 percent between 1994 and 1995, with the volume of trade between China and Saudi Arabia totaling U.S. $ 1,285 million in 1995, and affirmed the concern of the government of the Custodian of the Two Holy Mosques King Fahd Bin Abdul Aziz to further promote relations between the two nations.  He said he had informed the Chinese leadership about this concern, and reported the satisfaction of Chinese officials concerning the bilateral economic ties.   He reported that he had asked the Chinese leadership to increase their imports from the Kingdom, especially crude oil and petrochemicals, saying “We have signed an accord for the encouragement and protection of investments between the two countries as well as a memorandum of understanding for vocational, technical and scientific cooperation.   I also met with the President of China as well as a number of senior Chinese leaders during my visit to Beijing.”