Chinese Vice Prime Minister Li Keqiang is touring Europe, offering political support, cash, and investment at a critical juncture for the weakened European Union. However, there appear to be strings attached.
“We hope that the EU will relax restrictions on high-tech exports to China … and develop trade relations that are balanced and sustainable," Li wrote in an Op-Ed titled “China will be more open to the world” that was published Wednesday in the German daily Sueddeutsche Zeitung.
Some are wary of the latest overture from China, which many European countries still don't trust. The EU’s top diplomat, Catherine Ashton, has tried to bridge internal difference. Consensus is still distant, however, especially in regards to an embargo on selling arms to China that Spain and France have lobbied to relax. Washington still strongly opposes relaxing an arms embargo and is also concerned about technological transfers.
Regardless of the debate, countries like Spain are happy to respond to Chinese overtures, especially when they translate into billions in cash. In addition to four bilateral economic and political agreements, deals and contracts were signed in the financial, energy, infrastructure, tourism, service, and food sectors. Most of the investment comes from a $7.1 billion deal between Chinese’s energy giant Sinopec and Spain’s Repsol for a 40 percent stake in the latter’s Brazil oil production operations.
Mr. Li also endorsed Spain’s plan to attract 300,000 Chinese tourists a year by 2012 and 1 million by 2020 – up from 100,000 tourists a year. A Spanish company will install air traffic control system in two Chinese region and another will sell two power generators. A Chinese company bought a Spanish boiler industry, several wine and olive oil exporting deals were signed, and there was even room to include a deal to export Spain’s famed cured Ibérico ham.
For more: What China wants in exchange for spending big in Europe - CSMonitor.com
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