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China interested in buying more Spanish debt

Wed 13th Apr 2011

Spain's Prime Minister Jose Luis Rodriguez Zapatero today confirmed that Spanish and Chinese enterprises had signed eight deals worth 1 billion euros.

Contractual agreements have been made on finance, wind energy, helicopter and manufacturing, according to a statement released by the Spanish embassy in China.

Santander bank and China's ZTE Corporation signed an agreement on financing the export of telecommunications equipment. ZTE Corporation is a leading global provider of telecommunication equipment and network solutions, and operates in more than 140 countries.

Spain's Gamesa signed agreements with China Resources Power and China Datang Corporation Renewable Power Co. Ltd, in which the Spanish manufacturer will provide the two Chinese firms, respectively, 150 wind turbines with an installed capacity of 300 megawatts.

During 2010 Chinese exports to Spain grew by 35% and the number increased 60% in January, Zapatero said. He also commented how China currently holds 12% of Spain's debt - increasing from 4% last year. The Chinese Premier, Wen Jiabao, stated China's interest in buying more government debt from Spain.

"China's promise has enhanced Spain's confidence and contributes to its economic stability, recovery and reforms," Zapatero said, expressing his gratitude to the Chinese government.

Spain and China can conduct cooperation in infrastructure projects as Spain has many prestigious companies in that sector, Zapatero said, mentioning that 49% of Spanish airports need to be privatized and foreign investment and management would be welcome.

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