China's Vice Premier Li Keqiang said China will sign $7.3 billion worth of deals with Spain Wednesday, according to a Spanish official, after reiterating Beijing's pledge to back the crisis-ridden European nation's austerity measures and offer of potential support for its future fundraising.
China
's
Vice Premier Li Keqiang said
China
will
sign $7.3 billion worth of deals with
Spain
Wednesday, according to a Spanish official, after reiterating
Beijing
's
pledge to back the crisis-ridden European nation's austerity measures and offer
of potential support for its future fundraising.
Li, widely expected to become China's next premier in two years time, made the
announcement at a breakfast banquet with business representatives in Madrid,
the official told Dow Jones Newswires, on the second day of the vice premier's
nine-day tour of the European Union in a show of support for China's largest
export market.
"
China
is a
long-term and responsible investor in the Spanish and European financial
markets, and it has confidence and great interest in the Spanish market,"
Li said.
The contracts cover 16 sectors, including energy, banking, telecommunications,
transport, and agriculture, but by far the most valuable one was the sealing of
a previously announced $7.1 billion acquisition of certain Brazilian assets of
Spanish oil firm Repsol YPF SA (REP, REP.MC) by China Petroleum & Chemical
Corp. (SNP, 600028.SH), or Sinopec.
Repsol said in a statement Tuesday that the two companies pledged to analyze
new business opportunities worldwide.
Spain
's
Industry Ministry also said Wednesday Spain and
China
will
"strengthen their relationship" in the energy sector and collaborate
on foreign investments.
Li also said
Beijing
would
welcome Spanish financial firms launching operations in
China
.
Spain
's
second largest bank Banco Bilbao Vizcaya Argentaria SA (BBVA) also signed a
co-operation agreement for
Latin America
with
China Development Bank, BBVA said Wednesday. The two hope to work together in
project finance, commercial services, derivatives and corporate banking, the
Spanish lender said.
BBVA is the largest Spanish investor in
China
,
where it has a 15% stake in China Citic Bank Corp. (0998.HK, 601998.SH, CHCJY).
Among other contracts to be signed were deals for
China
to
purchase $13.5 million of meat products, $9 million of olive oil, $6 million of
wine and $260,000 of ham from
Spain
, the
official Xinhua News Agency reported.
Li said
China
will
likely purchase more Spanish government bonds depending on market conditions
after a meeting Tuesday with Spanish Economy and Finance Minister Elena
Salgado, Xinhua reported earlier.
China
is
one of the biggest owners of
Spain
's
sovereign debt, holding around 10% of the total.
Li's comments come as
China
aims
to strengthen ties with the EU, its biggest trading partner, and amid continued
pressure from
Washington
,
which is urging
Beijing
to
let the yuan appreciate faster to reduce the trade imbalance with the
U.S.
,
China
's
next-largest trade partner.
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