China, Arab nations to boost trade & economic cooperation

Since a number of key stops on the New Silk Road will be in the Middle East, China is looking for further trade and investment opportunities with Arab states.

China is currently the second biggest trading partner to Arab states. Last year, trade volume between China and Arab countries reached nearly 240 billion US dollars, with Saudi Arabia and the United Arab Emirates combined accounting for nearly half of the total trade.

As the world's largest importer of petroleum products, China imports more crude oil from the Middle-East than from any other regions in the world. Last year, crude oil imports from Arab nations reached 133 million tons, accounting for nearly half of its total imports.

As for natural gas, the Middle East again shows its dominance in supply, only behind Turkmenistan. Apart from energy sector, cooperation in finance, infrastructure and the aerospace industry is also thriving.

The Arab world is a young region that is currently experiencing a rapid rise in population and competitive demographics. 60 percent of its people under 30 years old. That means by 2020, the region needs more than 50 million jobs. The cooperation with China will help promote industrialization in the region and help keep the unemployment rate low.