Saudi Arabia (hereinafter referred to as Saudi Arabia) is located at the intersection of Asia, Europe and Africa. It is the largest economy in the Middle East and the only member of the Group of Twenty (G20). Its GDP in 2023 was US$1.1 trillion, ranking 19th in the world. With its abundant oil reserves, Saudi Arabia has formed a single outward-oriented development model dominated by the mining industry, with the supply side relying on the oil industry, the demand side relying on consumer spending, and the national fiscal and current account revenue and expenditure resonating with the oil price.

With the "Saudi Arabia Vision 2030" proposed, Saudi Arabia will transform from an oil producer to a global industrial group with multiple business formats. Saudi Arabia will build natural gas, refining and chemical industry, technology equipment, new energy and other fields as the direction of Saudi Arabia's development, thereby driving the development of other industrial and economic fields.

The Vision 2030 proposes to expand the oil business by 2030, mainly by extending the downstream industry chain and developing oil-derived industries. In order to reduce the economic impact of oil price fluctuations and gradually reduce dependence on the oil economy, the Vision 2030 encourages the development of non-oil industries and focuses on supporting sectors with comparative advantages, such as the oil refining industry and petrochemical industry derived from the oil industry.

The joint construction of the "Belt and Road" initiative and the further in-depth docking of Saudi Arabia's "Vision 2030" have shown great cooperation potential between China and Saudi Arabia in many fields. The cooperation between the two sides not only focuses on trade, infrastructure investment, petrochemical and energy industries, but also in recent years, the two sides have plans to promote cultural integration, international maritime connectivity and focus on scientific research.