By Micah HalpernI've Been Thinking:
China and Saudi Arabia just signed a $70 billion deal in which the Saudis will be purchasing goods and services from China.
That is a huge deal. Not only will it be a tremendous boost to China's economy, it also means that the Chinese will now be less dependent on US markets.
The deal involves media, postal services, trade, energy and communications. It is a massive investment on the part of Saudi Arabia. They are investing in China to buoy their future.
This is such an important deal that it actually has its own name - it's called Looking to the Future 2030.
The most important thing to remember is that the Saudis are moving towards the Chinese. China has become a provider, it is no longer only self-oriented and internally focused.
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