Plan for oil reserves agreed with Saudis

China and Saudi Arabia signed a plan covering strategic oil reserves on Tuesday and vowed to explore the potential of a Silk Road on the internet.

The signing came after the first meeting between the two countries of a high-level joint commission to coordinate cooperation.

The commission is led by Vice-Premier Zhang Gaoli and Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman, who is also the country’s defense minister.

President Xi Jinping visited Saudi Arabia in January, when the two countries set up a comprehensive strategic partnership and agreed to form the commission. This aims to implement consensus reached by the top leaders and coordinate cooperation.

Zhang and the deputy crown prince witnessed the signing of 17 cooperation documents after the meeting. They included one on strategic oil reserves between the two governments and a plan to implement cooperation on an internet Silk Road.

Zhang told Prince Mohammed that China expects to increase cooperation in fields including energy, investment, finance and security.

Prince Mohammed said Saudi Arabia firmly supports China’s stance on issues including Taiwan, affairs relating to the Xinjiang Uygur autonomous region and the South China Sea.

The prince will also visit Japan before returning to China for the G20 Leaders Summit in Hangzhou, Zhejiang province, on Sunday and Monday.

Deng Li, director of the Foreign Ministry’s Department of West Asian and North African Affairs, said the Saudi delegation, which includes entrepreneurs, could sign more than 60 agreements and deals during its stay in China.

He said Beijing had made it clear that China supports Saudi Arabia’s efforts to maintain domestic and regional stability.

Both countries agreed to link China’s Belt and Road initiatives with Saudi Arabia’s Vision 2030 initiative, Deng said.

They also agreed that the global community should strengthen cooperation on fighting terrorism and extremism, as “no country can be immune in such a situation”.

Deng said there are many detailed plans for cultural exchanges. For example, the late Chinese literary scholar and writer Qian Zhongshu’s novel Fortress Besieged will be translated into Arabic.

Li Shaoxian, director of the China-Arab Research Institute at Ningxia University, said Prince Mohammedis a key figure in Beijing’s relations with Riyadh and accompanied Xi throughout his January visit.