On October 27, the Workshop on “Global Economic Prospects: Opportunities and Challenges” co-organized by the BFA Academy and the King Faisal Center for Research and Islamic Studies (KFCRIS) was held in Riyadh, Saudi Arabia. Dr. Zhou Xiaochuan, Vice Chairman of BFA, delivered a keynote speech. The workshop was moderated by Dr. Abdullah bin Khalid bin Saud Al Saud, Director of the Research Department of the KFCRIS.

Vice Chairman Zhou noted the rapid economic growth of Saudi Arabia in the past years and said that under the guidance of the leaders, recent years have seen good momentum of bilateral ties between China and Saudi Arabia. This visit is expected to play a positive role in translating the consensus of the leaders of both countries into actions and aligning China’s Belt and Road Initiative with Saudi Arabia’s “Vision 2030”, so that the two sides can bring out the best in economic and trade cooperation. Today, the world economy is under mounting downward pressure and the global economic rules are undermined. In this context, Saudi Arabia, as the rotating President of G20 Summit next year, is expected to have a tangible impact on tackling the challenges. To be more specific, it can help restore the multilateral trade rules that emphasize liberalization, fairness and non-discrimination and maintain the authority and validity of the WTO; develop a multi-layer global financial safety net; drive the progress in climate actions and green development; increase dialogue with the youth to heal social divisions; and promote international responses to  challenges facing the global economy. Zhou also invited Saudi Arabia’s leaders from various communities to participate in the upcoming BFA Annual Conference, and expressed his expectations that more Saudi Arabian businesses could enhance their engagement with international peers on the platform of BFA.

Secretary-General Li Baodong made a brief presentation about BFA. Focused on one running theme of economic development, BFA strives to become an international organization based in Asia and with a global outlook. At present, the global economic situation is disturbing, trade frictions are undermining world economic growth and multilateralism is threatened. As the rotating President of the next G20 Summit, Saudi Arabia should demonstrate leadership by holding an open, transparent, balanced and inclusive conference and promoting multilateralism and free trade, and providing solutions for global governance and global challenges such as climate change.

The Saudi Arabian side shared the progress and priorities on “Vision 2030” agenda. The country is determined to further diversify its economy and reduce its financial dependence on the petroleum industry, with an aim to boost economic sustainability. China is Saudi Arabia’s largest trading partner and the two countries have built a stronger relationship in recent years, especially in the fields of politics, economy, trade, energy, technology and education. Saudi Arabia attaches great importance to developing relations with China and is happy to align its “Vision 2030” with China’s Belt and Road Initiative to promote cooperation between the two complementary economies in a wide range of fields. This meeting marks the inaugural collaboration between KFCRIS and BFA, and the Saudi Arabian side hopes to increase mutual understanding, experience sharing and pragmatic cooperation with various stakeholders through the platform of BFA.

At the meeting, Vice Chairman Zhou also answered questions from the Saudi Arabian side on such topics as China’s economic transformation, by sharing China’s achievements and experiences in its reform and opening up process.

Chen Weiqing, Chinese Ambassador to Saudi Arabia, Dr. Zhang Xiaohui, Dean of PBC School of Finance, Tsinghua University, Dr. Zhang Zhengxin, Deputy Director General of the International Department of the People’s Bank of China, Dr. Ahmed Habib Salah , former Undersecretary of the Ministry of Economic Affairs of Saudi Arabia, Dr. Kusay Alkhunaizi, Senior Advisor to the Ministry of Economy and Planning of Saudi Arabia, Majid, Director General of the Ministry of Economy and Planning of Saudi Arabia, Dr. Fahad Al-Turki, Vice President of Research at the King Abdullah Petroleum Studies and Research Center (KAPSARC), Ms. Nejoud Al Mulaik, Director of the Fintech Saudi Initiative of the Saudi Arabian Monetary Authority (SAMA), and Rajhi, professor of political science at King Saud University, attended the workshop together with other political, business and academic leaders as well as diplomatic envoys and representatives of international organizations in Saudi Arabia.