China’s Xi Jinping meets with Saudi rulers in economic power play: 'No longer a competitor' - Fox Business

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Chinese President Xi Jinping will visit Saudi Arabia this week for meetings that could see tens of billions of dollars invested in the country.

Xi will land in Saudi Arabia on Thursday to kick off three days of meetings between leaders of the two nations, aiming to strengthen an already rosy partnership between Beijing and Riyadh: China has ranked first for Saudi Arabia’s exports and imports since 2018, according to the Saudi Press Agency.

Biden also raised concerns that Saudi Arabia’s agenda appears to align more with that of Russia than that of the United States — Washington and Riyadh have sparred over oil production as gas prices rose following sanctions against Russia for its invasion of Ukraine and as OPEC+ refused to renege on its plan to decrease production over the coming months.

Gordon Chang, China expert and senior fellow at the Gladstone Institute, argued that Biden’s pursuit of the Joint Comprehensive Plan of Action with Iran, which would net the country billions of dollars in fresh funds – is something that would make life increasingly difficult for Saudi Arabia.

President Biden, left, is welcomed by Saudi Arabian Crown Prince Mohammed bin Salman at Al-Salam Royal Palace in Jeddah, Saudi Arabia, July 15, 2022.

State Department told FOX Business they would defer to China’s foreign ministry regarding details of the visit, to which a Chinese foreign ministry spokesperson provided no comment during a press conference Tuesday. .

The crown prince has focused on helping to diversify his kingdom’s economic interests as the world shifts away from oil and gas, with some countries already banning the production of gas-powered cars in the next 20 years

The Saudi Press Agency reported that sideline meetings during the Saudi-Chinese summit could result in more than 20 agreements worth SAR110 billion – roughly $29 billion – in addition to further strategic partnership deals between the two countries. 

The Ministry of Foreign Affairs for the Kingdom of Saudi Arabia did not respond to a FOX Business request for comment by the time of publication

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