December 12, 2022
In what was widely viewed as a snub to Washington, Beijing and Riyadh last week inked a slate of trade agreements topping $50 billion during Xi Jinping’s trip to Saudi Arabia, though they remained mum on the details. For years, the world’s largest oil consumer (China) and the world’s largest oil exporter (Saudi Arabia) have cultivated strong ties based on mutually beneficial economic interests. But relations have expanded in recent years, with the two becoming more aligned geopolitically as well. Riyadh, feeling jilted by Washington, is keen to boost ties with the world's second largest economy. China, for its part, wants to gain more of a foothold in the energy-rich Middle East. Who's in the driver's seat? We take a look at China-Saudi trade since 2000.
More For You
Mastercard Economic Institute's Outlook 2026 explores the forces redefining global business. Tariffs, technology, and transformation define an adaptive economy for the year ahead. Expect moderate growth amid easing inflation, evolving fiscal policies, and rapid AI adoption, driving productivity. Digital transformation for SMEs and shifts in trade and consumer behavior will shape strategies worldwide. Stay ahead with insights to help navigate complexity and seize emerging opportunities. Learn more here.
Most Popular
Think you know what's going on around the world? Here's your chance to prove it.
Miami Mayor-elect Eileen Higgins points as she thanks her staff and supporters on the night of the general election, on Tuesday, Nov. 4, 2025.
Carl Juste/Miami Herald/TNS/ABACAPRESS.COM
A Democrat won Miami’s mayoral race for the first time in nearly 30 years. The Republican defeat will ring some alarms for the party – and their support among Latino voters.
Women work in the plastic container assembly area inside the El Oso shoe polish factory, located in Mexico City, Mexico, in its new facilities, after officers from the Secretariat of Citizen Security and staff from the Benito Juarez mayor's office arbitrarily and violently remove their supplies, raw materials, machinery, and work tools on January 17 of this year following a coordinated operation stemming from a private dispute. On August 27, 2025.
Photo by Gerardo Vieyra/NurPhoto
50: Mexico’s President Claudia Sheinbaum is taking a page out of US President Donald Trump’s book, implementing up to a 50% tariff on more than 1,400 products in a bid to boost domestic production.
© 2025 GZERO Media. All Rights Reserved | A Eurasia Group media company.