China regarded as important market for Saudi Arabia's growing petrochemical industry

China is increasingly becoming an important market for Saudi Arabia's growing petrochemical industry, according to CEO of Saudi Basic Industries Corporation (Sabic). Saudi Arabia's large hydrocarbon resources make the Kingdom a "natural strategic trading partner" for China's dynamic industrial and economic growth. China's rapidly growing population provides important markets for Saudi Arabia. Saudi Arabia is the No. 1 supplier of crude oil to China, providing some 528,000 bpd in 2007. Since 2000, the Chinese economy has doubled in size in real terms, recording real growth rates of 10-11% in most years. Adjusting for relative purchasing power, the According to the International Monetary Fund Chinese economy is now about half the size of the US economy and more than 50% bigger than Japan's.
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