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

Abstract: 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.