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CHINA PRESS: China and Saudi Arabia will create a joint US$20 billion fund to
invest in infrastructure, energy, mining and materials, the South China Morning
Post reported Friday, citing Saudi Energy Minister Khalid Al-Falih. Al-Falih
said the two countries plan to sign 11 deals worth about US$20 billion this
week. Saudi Arabia is considering contributing some parts of the fund in yuan,
Mohammed Al-Tuwaijri, the country's vice-minister of economy and planning said.
The fund would come as Saudi is trying to regain its spot as the biggest oil
supplier to China, its biggest trading partner, after Russia took over the top
spot last year. Analysts said Saudi is eager to cooperate with China due to
China's surging economic influence and the U.S. soft power failure in some
countries. Both China and Saudi are also hoping to get more economic influence
in the world, according to the newspaper. (South China Morning Post)