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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