Kings of the east

End Times News Update
Sign: Kings of the East
Scripture: Rev 16:12
News Source: UPI

China, Saudi Arabia stress ties, sign $65 billion in deals

By Elizabeth Shim | March 16, 2017 at 8:24 AM

March 16 (UPI) — China and Saudi Arabia signed more than a dozen
agreements on economic cooperation worth $65 billion, according to
Beijing’s foreign ministry.

Chinese Vice Minister of Foreign Affairs Zhang Ming told reporters
Thursday that 14 agreements pertaining to investments, energy and
space were signed when Chinese President Xi Jinping met with Saudi
Arabia’s King Salman, according to Xinhua news agency.

The Saudi king is on a state visit to China from Wednesday to
Saturday, and some portions of his trip overlap with a visit from U.S.
Secretary of State Rex Tillerson.

The meeting between the king and Xi comes at a time when China has
reportedly been asked to play a bigger role in the Middle East,
according to the South China Morning Post.

While the two sides do not necessarily agree on a strategy to resolve
the Syria conflict, Chinese diplomats who spoke to the Hong Kong-based
newspaper said China is growing confident about its influential role
in a multipolar world.

Energy cooperation, which has been the foundation of China-Saudi
Arabia relations, is at the center of Saudi Arabia’s concerns,
according to the report.

Saudi Arabia is the top exporter of crude oil while China is the
world’s biggest importer.

Li Guofu, director of Middle East studies at the China Institute of
International Studies in Beijing, said Saudi Arabia might be keen on
engaging China more closely because Saudis perceive U.S. retreat from
its leadership role in the world.

“King Salman’s Asia trip occurs against the backdrop that U.S. global
dominance has shown signs of declining amid America’s gradual
withdrawal from the Middle East and China has become increasingly
active in the region,” Li said.

The United States has also decreased imports of Saudi oil in the wake
of a shale gas boom.

Trade between China and Saudi Arabia has grown exponentially, and the
two sides are expected to expand political and military cooperation,
according to the report.

Source: UPI