BEIJING: China’s Premier Li Keqiang has voiced hopes that Beijing and the US can avoid a trade war, telling the close of the annual parliament session that China will open its economy further to allow foreign and Chinese firms to compete on an equal footing.
Fears of a global trade war mounted after US President Donald Trump imposed hefty import tariffs on steel and aluminum earlier this month and, according to sources in Washington, the US is set to unveil new tariffs targeting China by the end of this week.
“I hope both China and the US will act rationally and not be led by emotions, and avoid a trade war,” Li told reporters in a televised news conference at the Great Hall of the People in Beijing.
Those hopes would be damaged if, as sources say, Washington goes ahead with plans for new tariffs on up to $60 billion-worth of Chinese technology and consumer goods annually, in a move to fulfil Trump’s campaign promises to get tough on China and its trade practices.
Earlier on Tuesday, riding high after China’s largely rubber-stamp parliament unanimously re-elected him and set the stage for him to rule indefinitely, President Xi Jinping warned self-ruled Taiwan it would face the “punishment of history” for any attempt at separatism.
The warning came just days after Trump angered Beijing by signing into law legislation encouraging closer ties between Taiwan and the US.
But for the world, the potential fallout from any trade conflict between its two biggest economies posed the more pressing danger.
Without going into detail, Li told his annual press conference that China will improve access to its services and manufacturing sectors while further lowering import tariffs, including those on cancer-related drugs.
“China’s economy has been so integrated with the world’s that closing China’s door would mean blocking our way for development,” Li said.
“China’s aim is to ensure that both domestic and foreign firms, and companies under all kinds of ownership structure, will be able to compete on fair terms in China’s large market.”
During his half-hour closing speech, President Xi was heavy on aspirational themes, and he delivered a strong message on Taiwan, which is claimed by China as part of its territory.
“Any actions and tricks to split China are doomed to failure and will meet with the people’s condemnation and the punishment of history,” he said to loud applause from almost 3,000 parliamentary delegates.
China has been infuriated by Trump’s signing of legislation that encourages the US to send senior officials to Taiwan to meet Taiwanese counterparts and vice versa.
Xi made repeated references to a resurgent nation of 1.3 billion people that would “ride the mighty east wind of the new era” and was on the cusp of matching the country’s greatest achievements in its long history.
At the same time he said that increasing global concerns over China’s rise were unjustified. “Only those who are in the habit of threatening others will see everyone else as a threat.
“We will not impose our will on anyone,” he said.
When Xi’s top economic adviser Liu He visited Washington recently, the Trump administration pressed him to find ways to reduce China’s $375 billion trade surplus with the United States. “We are unwilling to see a big trade deficit, not only with the US,” Li said. “We hope trade will be balanced.”
In his remarks, Li said that as China widens access to its markets, there will be no forced transfers of technology, and China will better protect intellectual property rights.
Trump accuses Beijing of forcing US companies to transfer their intellectual property to China as a cost of doing business there, although China has insisted that technology transfers are not a condition of gaining market access.
A source who had direct knowledge of the Trump administration’s thinking said last week that the tariffs would chiefly target information technology, consumer electronics and telecoms, and other products benefiting from US intellectual property.
But they could be much broader and hit consumer products such as clothing and footwear, with a list eventually running to 100 products, the source said.
“We hope the US could ease restrictions on high-tech or high value-added product exports,”
Li said.
“We will strictly protect intellectual property. We hope this important means for balancing China-US trade will not be missed, otherwise we will lose a chance to make money.”
Before the press conference, Li introduced China’s four new vice premiers, including Liu He, widely regarded as the country’s new economic tsar. But, adhering to protocol, it was the premier who did all the talking.
Li said China was confident of achieving its 2018 economic targets. The government aims to expand its economy by around
6.5 percent this year, having surpassed the same target in 2017.
China’s financial sector was in good shape and banks have enough provisions, Li said, adding that regulators would take “resolute measures” to tackle financial risks.
The Chinese central bank was being given responsibility for drafting laws covering the banking and insurance sector, with regulation over the $42 trillion sector becoming more streamlined.
Li said he was willing to consider a formal visit to Japan, amid signs of improving ties between the two nations.
Tokyo has repeatedly pressed Beijing to do more to help rein in North Korea’s missile and nuclear programs. China said it is committed to enforcing UN sanctions, but that all parties need to do more to reduce tensions and restart talks.
China’s premier hopes trade war can be averted, pledges more open economy
China’s premier hopes trade war can be averted, pledges more open economy
Saudi non-oil trade surplus with GCC jumps over 200% in April
JEDDAH: Saudi Arabia’s non-oil trade surplus with fellow Gulf Cooperation Council countries jumped by more than 200 percent in April 2025, driven by a sharp rise in re-exports and strengthening regional economic ties.
According to the latest figures released by the General Authority for Statistics, the Kingdom posted a trade surplus of SR3.51 billion ($935 million) with GCC nations during the month, compared to just SR1.16 billion in April 2024 — a year-on-year increase of 203.2 percent.
The total value of non-oil trade, which includes re-exports, between Saudi Arabia and the GCC bloc reached SR18.03 billion in April, reflecting a robust 41.3 percent growth from SR12.76 billion in the same month last year.
This momentum is attributed to the accelerated pace of regional economic integration, supported by strategic initiatives such as Saudi Arabia’s Vision 2030 and similar diversification programs across the Gulf. These frameworks aim to reduce dependence on hydrocarbons by fostering growth in sectors like logistics, finance, tourism, and manufacturing.
Non-oil exports — encompassing both national products and re-exported goods — saw a notable rise of 55 percent year on year to SR10.77 billion. Within this category, re-exports surged by 81 percent to SR7.74 billion, highlighting Saudi Arabia’s growing role as a regional re-export hub. National-origin exports also rose by 13.3 percent, totaling SR3.03 billion.
Imports from GCC countries also registered an increase, climbing to SR7.26 billion in April — a 25.2 percent rise compared to SR5.80 billion in the previous year.
Among individual member states, the UAE continued to dominate Saudi Arabia’s regional trade portfolio, accounting for SR13.53 billion — or 75.1 percent — of the Kingdom’s total non-oil trade with the GCC. Bahrain followed with SR1.8 billion (10 percent), while Oman recorded SR1.45 billion (8.1 percent). Kuwait and Qatar contributed SR819.9 million (4.5 percent) and SR422.1 million (2.3 percent), respectively.
The data reflects not only Saudi Arabia’s growing non-oil export capacity but also a broader regional shift toward more diversified, interconnected Gulf economies.
Saudia, flyadeal rise high in Cirium’s June punctuality rankings
- Marks Saudia’s second time in 2025 leading global rankings for arrival and departure punctuality
- Achievement aligns with Kingdom’s ambition to become global aviation hub
JEDDAH: Saudia emerged as the world’s most punctual airline in June, topping global rankings for both on-time departures and arrivals, according to aviation analytics firm Cirium.
In its latest report, the London-headquartered independent aviation analytics company said that Saudia operated 16,733 flights in June, achieving a 91.33 percent on-time arrival rate and a 90.69 percent on-time departure rate — a 2.41 percent increase in arrival punctuality compared to May’s rate of 89.18 percent.
The achievement aligns with Saudi Arabia’s ambition to become a global aviation hub and a top destination for international travelers. Under Vision 2030, the Kingdom is investing heavily to boost private sector participation, expand connectivity, and reinforce its role in global aviation.
It also supports the National Aviation Strategy’s goal of enhancing the travel experience, which aims to target 330 million passengers annually, over 250 global destinations, and 4.5 million tons of air cargo by 2030.
Ibrahim Al-Omar, director general of Saudia Group, said, “Achieving exceptional on-time performance and maintaining operational excellence requires seamless coordination across all sectors and subsidiaries of the group.”
This marks Saudia’s second time in 2025 leading global rankings for both arrival and departure punctuality, following a similar achievement in March. It also mirrors the airline’s performance in June 2024, when it topped the rankings with an on-time arrival rate of 88.22 percent and a departure rate of 88.73 percent across 16,133 flights to more than 100 destinations.
Flyadeal, Saudia Group’s low-cost carrier, ranked first in the Middle East and Africa for on-time arrival performance, achieving a rate of 91.77 percent across more than 5,980 flights. The carrier’s performance surpassed that of Saudia within the region.
In a statement, Saudi Group said: “The accomplishment reflects Saudia and flyadeal’s unwavering focus in operational efficiency and excellence, achieved during the high-demand period of Hajj, summer travel, and Eid Al-Adha holidays.”
In the airport category, Cirium ranked Riyadh’s King Khalid International Airport as the world’s most punctual large airport for the same period. The travel gateway recorded a 90.41 percent on-time departure rate and an 86.99 percent on-time arrival rate, outperforming major global hubs in operational efficiency.
With 22,180 flights tracked, the Kingdom’s capital hub served 109 routes operated by 59 airlines, showcasing Saudi Arabia’s growing global connectivity and aviation excellence.
Meanwhile, Dammam’s King Fahd International Airport ranked seventh among medium-sized airports for on-time departures, achieving an 86.18 percent punctuality rate across 8,200 flights on 59 routes, according to Cirium.
Closing Bell: Saudi main index steady at 11,277; Nomu edges up
RIYADH: Saudi Arabia’s Tadawul All Share Index was steady on Thursday, as it marginally declined by 0.01 percent, or 0.82 points, to close at 11,276.91.
The total trading turnover of the benchmark index was SR4.96 billion ($1.32 billion), with 128 of the listed stocks advancing and 120 declining.
The Kingdom’s parallel market Nomu gained 31.28 points to close at 27,479.50.
The MSCI Tadawul Index marginally shed 0.02 points to 1,445.23.
The best-performing stock on the main market was SHL Finance Co. The firm’s share price increased by 9.95 percent to SR19.33.
The share price of Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, rose by 5.8 percent to SR31.38.
Sustained Infrastructure Holding Co. also saw its stock price rise by 4.24 percent to SR35.44.
Conversely, the share price of Umm Al Qura for Development and Construction Co. declined by 6.14 percent to SR25.06.
On the announcements front, Anmat Technology for Trading Co. said that it received a contract valued at SR50 million from Etihad Etisalat, also known as Mobily, to supply and install power generator systems and a fuel monitoring system.
In a press statement, Anmat said that the contract is effective from June 26 and will last until May 17, 2028.
The company added that the impact of the deal will be reflected in the firm’s financials from the second half of this year and will continue until the end of the contract duration.
The share price of Anmat, which is listed in Nomu, increased by 10.19 percent to SR12.33.
International Human Resources Co. said that it signed a framework agreement with the Arab National Bank to provide human resources services.
According to a Tadawul statement, the contract is valid for 12 months and will be renewed for a similar period unless either party notifies the other at least 30 days prior to the expiry date.
International Human Resources Co.’s share price rose by 2.83 percent to SR6.17.
Saudi Tourism Development Fund rolls out programs to boost startup growth
RIYADH: Tourism startups and entrepreneurs in Saudi Arabia stand to benefit from three newly launched support initiatives aimed at accelerating innovation, attracting investment, and strengthening the Kingdom’s growing travel economy.
The Tourism Development Fund has introduced the Grow Tourism Incubator, Tourism Hackathons and Bootcamps, and the Grow Tourism Accelerator — a suite of initiatives designed to empower early-stage ventures through TDF Grow, its non-financial enablement arm, according to a press release.
Developing a robust tourism landscape is a key pillar of Saudi Arabia’s Vision 2030 agenda, as the Kingdom works to diversify its economy and reduce its reliance on oil revenues.
The National Tourism Strategy targets 150 million annual visitors by 2030, after surpassing the 100 million milestone ahead of schedule, with official data showing the Kingdom welcomed 116 million tourists in 2024 — exceeding its annual target for the second year in a row.
Qusai bin Abdullah Al-Fakhri, CEO of TDF, said: “We remain committed to empowering entrepreneurs to transform their ideas into promising, impactful projects. We strive to provide a comprehensive support ecosystem that addresses the needs of businesses at every stage, helping them overcome challenges and accelerate their growth.”
He added: “These three programs embody our dedication to practical enablement, offering guidance, support, and connections with key stakeholders, to build a sustainable tourism sector full of opportunity and aligned with the aspirations of Saudi Vision 2030.”
The Grow Tourism Incubator Program, now in its first edition, will target early-stage tourism startups. Registration opened on June 24 and will remain open until July 17.
The incubator offers a 10-month immersive environment, providing participants with access to shared workspaces, as well as legal, marketing, and logistical support, along with technical and administrative services.
The program will also include workshops, specialized training sessions, and mentorship by leading industry experts, delivered both virtually and in person at TDF headquarters — ensuring accessibility for entrepreneurs across the Kingdom.
The Tourism Hackathons and Bootcamps program aims to support innovators and early-stage tourism projects, with a focus on three key regions: Asir, Al-Ahsa, and Madinah.
Running for five months, the program will allow participants to take part in hackathons followed by training bootcamps, helping them develop their ideas into actionable prototypes.
Registrations opened on July 1 and will remain open until July 22.
The Grow Tourism Accelerator builds on the success of previous cohorts, which have graduated 99 participants to date.
This three-month program is designed to support startups and help them scale within the tourism sector.
“The accelerator also attracts international companies, enriching the diversity of the investment landscape and elevating service quality across the industry. The program provides integrated mentorship, culminating in graduation and connections with potential investors,” the TDF release stated.
It added that the TDF Grow platform has supported 8,800 beneficiaries through its non-financial programs and initiatives, helping entrepreneurs and small and medium enterprises accelerate their projects and enhance the competitiveness of Saudi Arabia’s tourism sector.
OPEC says no peak to oil demand before 2050
- OPEC sees oil demand rising by 18.6% to around 123 mbd in 2050
- It expects demand to grow for longer than other forecasters
PARIS: The OPEC oil cartel said Thursday that demand for crude will continue to expand through at least 2050, calling efforts to rapidly shift away from fossil fuels an unworkable fantasy.
In its latest annual report on the outlook for oil demand, OPEC sees global oil demand rising by 18.6 percent from 103.7 million barrels per day in 2024 to around 123 mbd in 2050.
That rising demand will be “driven by expanding economic growth, rising populations, increasing urbanization, new energy-intensive industries like artificial intelligence, and the need to bring energy to the billions without it,” said OPEC Secretary General Haitham Al-Ghais in his foreword to the report.
“There is no peak oil demand on the horizon,” he said.
That forecast puts OPEC, which gathers together a number of the world’s leading oil exporting nations, at odds with the International Energy Agency, whose member states include many oil-consuming nations.
The IEA said last month that it expects global oil demand to begin to decline in 2030, driven by the rise of electric cars and the shift away from crude to produce power.
The IEA even sees oil demand dropping in Saudi Arabia as it replaces crude with gas and renewable energy to produce power.
Ghais said that OPEC sees growth in oil demand being primarily driven by developing nations, and that fossil fuels still account for around 80 percent of the global fuel mix, little changed from when the cartel was founded in 1960.
.”..it has become increasingly clear to many policymakers in recent years that the narrative of swiftly phasing out oil and gas has been seen for what it is: unworkable, and a fantasy,” he said.
The OPEC chief blasted many timelines to reach net-zero carbon emissions as having “little regard for energy security, affordability or feasibility.”
Experts say a rapid phase-out of fossil fuels is necessary if global warming is be kept to 1.5 degrees Celsius above preindustrial levels.
