China, Spain Sign $4 Billion in Business Deals

By Ellen Huber

China and Spain signed business deals worth about $4 billion at the end of September, just before Spanish Prime Minister Mariano Rajoy visited China on an investment mission, reports Reuters.

Chinese and Spanish companies in industries like finance, nuclear power, and telecom signed a total of 14 deals during a ceremony at Beijing’s Great Hall of the People.

Notably, China’s Huawei Technologies—the world’s largest telecom equipment producer—inked a deal with Spanish telecom company Telefonica, and Spanish wind turbine maker Gamesa Corporacion Technologia signed a contract to develop Hebei province.

Other companies that participated in the ceremony included Banco Santander, Spain’s largest bank; Inditex, owner of fashion retailer Zara; and Alibaba, China’s e-commerce giant.

Rajoy attended a meeting with Chinese and Spanish business executives in Shanghai on Thursday. Rajoy encouraged Chinese investment in Spain, saying “few countries offer such a good investment opportunity as Spain with its open and competitive market.” He pointed to Spain’s recovery following the 2009 euro-zone debt crisis; Spain enjoyed its fastest growth rate in six years in the second quarter.

Fresh off the deals, Rajoy met with Chinese president Xi Jinping on Friday to further promote investment in Spain and cooperation between the two nations.