China-Saudi trade has increased significantly since 2000. In 2005 alone, trade increased 59%, allowing Saudi Arabia to overtake Angola as China's largest source of oil for the first time. After claiming the throne in 2005, King Abdullah adopted a pro-Asian, "look east" trade policy, with more than half of Saudi oil going to Asia. Saudi-owned Saudi Basic Industries Corporation (
SABIC) alone exports over $2 billion in petrochemicals to China on a yearly basis. In 2008, China-Saudi bilateral trade was worth €32,500,000,000, making Saudi Arabia China's largest trading partner in
Western Asia. In the first quarter of 2010, Saudi oil export to China has reached over 1 million barrels, exceeding exports to the United States. With the huge increase in China-Saudi trade, Saudi Arabia has emerged as a significant investor in the PRC. Saudis are eager to invest in Chinese oil-industry related projects as a way to secure their status as a major oil provider to China. For example, in 2004, Saudi Arabia's
Saudi Aramco Overseas Company invested nearly 1/3 of the $3 billion in funds needed for the construction of a petrochemical facility in China's southeastern
Fujian Province, which is planned to process 8 million tons of Saudi crude oil. On April 6, 2012, SABIC announced a new investment plan of $100 million to set up a new technology center in the Kangqiao area of Shanghai. Three days earlier on April 3, SABIC launched the second phase of construction projects for petrochemical plants in the cities of
Tianjin and
Chongqing, which were part of the US$11 billion project with the state-run
Sinopec Group to continue boosting output at polycarbonate production complexes. Besides oil-related companies, other major Saudi companies - such as the
Saudi Arabian General Investment Authority (SAGIA) and Saudi Arabian Airlines have established offices in China. In 2006, Saudi Arabia invested $1.1 billion in China, the first significant investment since 2000. Likewise, in 2006, China's largest aluminum producer - Aluminum of China (Chalco) partnered with Saudi companies to build a $3 billion aluminum facility in Saudi Arabia. Saudi Arabia is China's largest trading partner in the Gulf, largely because of the amount of oil China imports from it. China's
Belt and Road Initiative cooperation with Saudi Arabia also includes a focus on
renewable energy, consistent with Saudi national priorities of reducing oil dependence. During a 2016 visit to China,
Mohammed bin Salman described the BRI as key pillar of Saudi Arabia's Vision 2030 development plan. ==Military==