The Saudi Arabia Vision 2030, announced by the King in 2016, is a strategic framework for the KSA to stop relying on oil and diversify its economy. The Vision 2030 and the China-proposed Belt and Road Initiative are highly compatible. There are great cooperation opportunities between the two countries.

When meeting with Mohammed bin Salman Al Saud, Saudi Arabia's crown prince in 2019, President Xi Jinping noted that China firmly supports Saudi Arabia's efforts to diversify the economy and reform the community. The Chinese president called on the two sides to reinforce synergy of development strategies and cement the

integration of each other's interests.

● The output of China’s high-quality capacity can benefit Saudi to materialize the Vision 2030, develop non-oil industry and private sectors, improve employment rates, infrastructure construction and development.

● As a  hub connecting Asia, Africa and Europe, Saudi Arabia has been a significant part of the “Belt and Road” Initiative.

● The industries that Saudi Arabia needs for economic restructuring are precisely the competitive ones of China;

● The capacity cooperation between China and Saudi Arabia helps China transform its economy, reduce overcapacity. It also promotes a new round of high-level opening-up and adds new impetus to China's "Going Global" strategy.

Saudi vision 2030 and China-proposed Belt and Road Initiative are highly compatible , and both countries will witness a win-win result

● To make it as the 19th largest economy in the world into the top 15;

● To increase SME's contributions to GDP from 20% to 35%;

● To lower the unemployment from 11.6% to 7%;

● To increase the private sector’s contributions to GDP from 40% to 65% ;

● To increase the localization of oil and gas sectors from 40% to 75%；

● To increase foreign direct investment from 3.8% to the international level of 5.7% of GDP;

● To upgrade from 26 to 10 in the Social Capital Index；

● To raise the share of non-oil exports in non-oil GDP from 16% to 50%;

……

The two countries should sign  an implementation plan at a faster pace on connecting the Belt and Road

Initiative with the Saudi Vision 2030, constantly making new achievements in bilateral practical cooperation

in energy, infrastructure, trade and investment, and high value-added industries. Two governments reached

a broad consensus on bilateral cooperation. Against this background, Shen Gong's project in Saudi came into

being.Shen Gong's project in Saudi is in line with the new development pattern of dual circulation, and Belt and

Road initiative of China as well as the Vision 2030 of Saudi, which plays a leading and pilot role in diversifying local

industries and attracting more Chinese investors.