(Source: Global Times 2024-10-31)
Recent，Saudi Arabia announced the establishment of the Saudi-China Special Economic Zone (hereinafter referred to as the “Saudi-China Special Economic Zone”) at the Global Logistics Forum，Estimated to start construction in 2025，Focus on the development of manufacturing、Logistics and trading industry。
The Saudi-China Special Economic Zone will be located within the King Salman International Airport，Covering three major functional areas: First, logistics and light industrial park，Aims to promote the establishment and improvement of the Saudi local supply chain，Increase local industrial production capacity；The second is the International Business Park，Committed to providing one-stop service for settled enterprises，Simplify the entry process、Reduce operating costs、Provide trade facilitation；The third is the living supporting area，Mainly provides living facilities and services for employees of enterprises settled in the park and their families。Future，Saudi Arabia-China Special Economic Zone will deepen economic and trade cooperation between the two countries，Achieve what everyone needs、Complementary advantages bring more possibilities。
China and Saudi Arabia are each other’s important trading partners, which is an important basis for the establishment of a special economic zone。Since 2013，China has always been Saudi Arabia’s largest trading w88 slotpartner，The trade dependence between the two sides continues to increase，China-Saudi Arabia bilateral trade volume reaches 1072 in 2023.USD 300 million，Among them, China’s exports to Saudi Arabia are 428.USD 600 million，Import 643.USD 700 million；The trade volume between the two sides has also exceeded 50 billion US dollars in the first half of 2024。
For a long time，Crude oil is the “bulk” of Saudi Arabia’s exports to China，Oil exports accounted for 86%.1%；simultaneously，Saudi Arabia’s mechanical and electrical products to China、Transportation Equipment、There is also strong demand for metals and their products。The scale of China-Saudi Arabia trade has expanded steadily over the past decade，Laid a solid foundation for the establishment of the Saudi Arabia-China Special Economic Zone。The establishment of the special economic zone will also provide a more convenient and free operating environment for Chinese companies to enter the Saudi market，Lower religion、The adverse impact of cultural and other factors on China-Saudi Arabia trade，Improve trade efficiency。Therefore，The establishment of the Saudi-China Special Economic Zone is in line with the respective development paths of both parties，will effectively promote the high-quality development of China-Saudi Arabia trade。
The acceleration of Saudi Arabia’s economic diversification transformation and the accelerated development of China’s new productive forces are the key driving forces for the establishment of special economic zones。To get rid of heavy dependence on oil，Saudi Arabia has actively carried out industrial restructuring in recent years，Focus on the digital economy、Green energy、Development of infrastructure and manufacturing。In these areas，my country adopts forward-looking planning for advanced industries and future industries，In big data、Artificial Intelligence、Progress in key technologies such as quantum communications，Green energy and photovoltaic products、Electric vehicles and other industrial chains occupy an important position in the world，With the rich light of Saudi Arabia、Tidal and other renewable energy resources complement the digital blue ocean market，Create favorable conditions for joint cooperation on digital green supply chain。Also，my country w88 mobilevigorously promotes the digital transformation of traditional manufacturing，Strengthen investment cooperation between Chinese and Saudi Arabian enterprises through the establishment of special economic zones，It can not only reduce the production costs of Chinese enterprises、Improve international competitiveness，It can also promote the accelerated development of Saudi manufacturing industry，Increase its level of industrialization，Achieve mutual benefit、Win-win cooperation。
Saudi Arabia’s “Vision 2030” is highly consistent with China’s “One Belt, One Road” initiative, which is the conceptual support for the establishment of special economic zones。First，Participating in the joint construction of the “Belt and Road” has effectively promoted Saudi Arabia’s role as a regional power。Promoted by the joint construction of the “Belt and Road” initiative，China and Saudi Arabia adhere to multilateralism，Strengthen collaboration in international and regional affairs，A lot of results have been achieved，Become an important force in the global governance system。Secondly，Joining the Belt and Road Initiative gives Saudi Arabia a direction as an investment power。Saudi Arabia has strong investment capabilities，Joining the Belt and Road Initiative not only promotes smoother trade and investment between China and Saudi Arabia，It also helps Saudi Arabia become the core node in the western section of the “One Belt, One Road” region，further consolidates Saudi Arabia’s leading role in China-Gulf countries cooperation。Last，Joining the Belt and Road Initiative can add fuel to Saudi Arabia’s path to becoming a world hub connecting economic and trade exchanges between Asia, Africa and Europe。The four-in-one infrastructure layout of "land, sea, sky and network" formed by the joint construction of the "Belt and Road" initiative，It will effectively promote the realization of Saudi Arabia’s concept of becoming a pillar of connectivity。Therefore，Saudi Arabia’s “Vision 2030” is highly consistent with my country’s “One Belt, One Road” initiative，Provides solid conceptual support for the future sustainable development of the Special Economic Zone in Saudi Arabia。
Specifically，The Saudi-China Special Economic Zone will bring three major direct impacts to enterprises of both countries。First, the formation of industrial w88 online casino bettingagglomeration effect，Promote industrial chain supply chain optimization。The establishment of the Saudi-Central Special Economic Zone will promote the implementation of various cluster industries，raw material procurement、Enterprises from all aspects of production, processing, sales and export gather here，Improve the collaborative development capabilities of the upstream and downstream industrial chain and supply chain。Chinese companies in Saudi Arabia will be able to set up production bases in special economic zones，Reduce production costs by integrating local natural resources，And take advantage of local transportation，Improve transportation efficiency，Making regional supply chain mobility more flexible。
The second is to enhance the international market competitiveness of emerging industry products。After the establishment of the Saudi-Central Special Economic Zone，Chinese products can enter the Saudi market at a lower cost，Thus in quality、Comparative advantages in price and service。simultaneously，Considering that the industries of China and Saudi Arabia are highly complementary，Chinese companies “locally produce” in Saudi Arabia、Local sales” business model，Conducive to the deep integration of products into the Saudi market，Increase brand awareness，Conducive to long-term operations。
The third is China and West Asia、Eastern European and African countries play a leading role in economic and trade cooperation。Saudi Arabia is located on the China-Central Asia-West Asia Economic Corridor，is an important node in jointly building the “Belt and Road” interconnection architecture。The establishment of the Saudi-China Special Economic Zone will build a new communication bridge for economic and trade cooperation between China and other countries in Asia, Africa and Europe，Plays an important role in promoting the overall high-quality development of the Belt and Road Initiative。
(The authors are respectively the directors of the BRICS Research Center at the University of International Business and Economics、Professor，Ph.D. student, School of International Economics and Trade, University of International Business and Economics)
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