China, Saudi Arabia ink deals worth about $65 billion

China and Saudi Arabia have signed memorandums of understanding (MoUs) and letters of intent (LoIs) potentially worth about $65 billion. These agreements signed during Saudi King Salman’s visit to China involve deals in investment, energy, space and other areas. Saudi Arabia also has sought to boost oil sales to China, the world’s second-largest oil market as it lost its market share to Russia in 2016. The Saudi King visited China as part of his month-long Asian tour to 7 seven countries as part of his ambitious economic reform plan.

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