China and Saudi Arabia will create a....>

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)