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| Embassies Embassy of the People's Republic of China in the State of Kuwait Ambassador: Mr. Huang Jiemin Address: Yarmouk, Block 4, Street 1, Villa 82, Kuwait City, Kuwait Mailing Address: P. O. Box 2346 Safat, 13024 Kuwait Tel: +965-5333340, 5333342 Fax: +965-5333341 Email: chinaemb_kw@mfa.gov.cn Economic and Commercial Counselor's Office Address: No.4 House, No.85 Street, Block 8, Al-Shamiya Mailing Address: P. O. Box 25713 Safat, 13118 Kuwait Telephone Switchboard: +965-4822816, 4822817 Fax: +965-4822867, 4822873 Email: kw@mofcom.gov.cn Office Hours: 8:00 a.m.-2:00p.m. Sun.-Thu. Website: http://kw.mofcom.gov.cn/ Embassy of the State of Kuwait in Beijing Ambassador: H.E. Mr. Faisal R.Al-Ghais Address: No. 23, Guang Hua Road, Chaoyang District, Beijing Tel: (+86)10 6532 2216, 6532 2182, 6532 4135, 6532 1272 (+86)10 6532 2374 (for consular section) Fax: (+86)10 6532 1607 Military Attaché's Office Address: F-59 King's Garden Villas, No.18 Xiao Yun Lu, Chaoyang District Tel: (+86)10 6464 9930 or 6464 9931 Fax: (+86)10 6464 9934 |
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| Economy Kuwait is a small, rich, relatively open economy with self-reported crude oil reserves of about 104 billion barrels - 8% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% of government income. Kuwait experienced rapid economic growth over the last several years on the back of high oil prices and in 2008 posted its tenth consecutive budget surplus. As a result of this positive fiscal situation, the need for economic reforms was less urgent and the government did not push through new initiatives. The drop in oil prices in late 2008 will reduce Kuwait's fiscal surplus in 2009. The global financial crisis may slow the pace of investment and development projects, but Kuwait has vowed to use its considerable financial resources to stabilize the economy if necessary. |
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