China’s Economic Restructuring and Extension of China’s Middle East Strategy

Joint construction of“the Silk Road Economic Belt”and“the Maritime Silk Road of the 21st Century”is not only the objective requirement of China’s further economic development and its deepening reform and opening policy,especially its national strategy of“opening to the west”,but also a major historical opportunity for the development of the Asia-Europe countries particularly the Middle East countries.While Chinese economy achieved remarkable development,the economy of the Middle Eastern countries ploughed through the turmoil and fighting.From the point of view of the global economy,the economies of China and of the Middle East countries are at different stages of historical development.This kind of difference just reflected the complementarity in their economic cooperation.The two sides ought to grasp this historical opportunity,use complementary advantages and achieve win-win cooperation.With the status of the Middle East in China’s diplomacy being definitely rising,China’s Middle East strategy should grasp four points of emphasis,such as expansion of the international political space,strengthening of national security,promotion of trade and economic cooperation,and enhancing soft power.

The Economic Adjustment of Saudi Arabia and the Docking of Bilateral Economy and Trade between China and Saudi Arabia under the“One Belt and One Road”Initiative

The fall in international oil prices,which began in the second half of 2014,had a severe impact on the economy of Saudi Arabia,and the country began to adjust its economic development policy.The main contents include:changes in the allocation of resources from reliance on government intervention to reliance on the dominance of market;government revenue shifts from dependence on oil revenues to expansion of non-oil revenues;industrial structural changes from excessive dependence on oil economy to diversification in the field of new energy and mining;enterprise ownership structure changes from nationalization to privatization;source of investment funds shifting from basically relying on domestic investment to paying attention to foreign investment;labor and employment change from relying on foreign workers to a trend of localization in Saudi Arabia.Combining priorities in the economic development if Saudi Arabia with the key areas of the“One Belt and One Road”Initiative,energy security,cooperation capacity,infrastructure and finance are the most promising fields in bilateral economic cooperation.