A general view shows Beijing's skyline on a sunny day, China January 10, 2017. REUTERS/Jason Lee/File Photo Purchase Licensing Rights
Beijing eyes more investments from Saudi sovereign wealth fund
BEIJING,
July 10 (Reuters) - The mayor of Beijing has told the governor of Saudi
Arabia's sovereign wealth fund he hoped the fund would further expand
its business in the Chinese capital, state media said on Wednesday.
Beijing's
diplomatic push to court U.S. ally Saudi Arabia comes amid its
frustration over what it sees as Washington's weaponisation of economic
policies, nudging it to expand ties with countries in Europe, the Middle
East and Africa.
China
offers many investment opportunities, the mayor, Yin Yong, told Yasir
Al-Rumayyan, the chief of the Saudi Public Investment Fund, at a meeting
on Tuesday, the official Beijing Daily newspaper said.
Yin
said he hoped the fund would guide two-way investments by companies of
both countries, deepening co-operation in areas such as industrial
investment, green development, and energy transition.
Al-Rumayyan
said he hoped to keep up close communication and exchanges with Beijing
for co-operation on sustainable development and renewable energy, the
paper added.
One
of the world's largest sovereign wealth funds, the Saudi Public
Investment Fund has a sprawling portfolio of investments, from date
farms to multinational conglomerates.
China
is seeing a surge in investment from funds in Gulf nations at a time
when some Western financial firms are reining in investments in the
country, deterred by concerns about its economic recovery and
geopolitical risks.
Qatar's sovereign wealth fund has agreed to buy
a 10% stake in China's second-largest mutual fund company, Reuters
reported last month, citing sources. China also recently approved its
first exchange-traded funds investing in Saudi Arabia equities.
While
economic co-operation between Beijing and Riyadh remain anchored on
energy interests, ties in trade, investment and security have been
expanding. China is Saudi Arabia's top trading partner.
Saudi
Arabia's ambitious Vision 2030 plan aims to diversify its economy away
from fossil fuels to develop a vibrant private sector.
The
government of the world's biggest oil exporter hopes its nascent
manufacturing industry will one day turn out everything from computer
chips to tyres, in a wider economic transformation.
Reporting by Bernard Orr and Beijing newsroom; Editing by Miral Fahmy and Clarence Fernandez