China backs Spain’s economy

LAST UPDATED: 15 Jan, 2011 @ 12:13
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China backs Spain’s economy

CHINA has pledged to buy more of Spain´s national debt in an effort to save the country from financial meltdown.

China´s Vice-Premier, Li Keqiang, insisted last week that he has confidence in the Spanish market and that China will be a long-term investor in Europe.

It follows weeks of pressure on Spain from international debt markets who are concerned the country could follow the same fate as Greece and Ireland.

The announcement from China came as Li undertook a three day visit to Spain.

There are no official figures for the amount of debt that will be bought by China but Li was keen to show his support for the latest austerity measures and reforms taking place in the country.

Some critics have asked what China may expect in return, even suggesting that Spain would continue to try and overturn a 21-year-old European arms embargo against China.

3 COMMENTS

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  1. There is going to be a heavy price for Spain to pay as more of its industries disappear. All this cheap crap from China such as shoes kills off Spanish jobs.
    The Chinese are motivated entirely by self-interest as they buy up the world’s resources and now whole countries. When you are slaving away in the paddy fields or hauling a rickshaw don’t say I didn’t warn you.

  2. Gresham,
    you need to go back to school and study what the ruling English elite did to their own people.

    The Chinese make most of the world’s transducers now, only the US (Eminence) has a presence left in any meaningful way, oh yes and one Spanish company.

    You also forgot to mention that the Chinese now have their own stealth aircraft, effective ICBMs and every time you zip your winkler away it will be with a Chinese made zip. When your ancestors were loping along on the Steppes, the Chinese already had a highly developed civilisation.

    Due to crap management and greed, the once mighty English shoe industry based in Nottingham was killed off long ago, when work was outsourced to Portugal and Spain – funny you forgot to mention that – or not, because it did’nt suit your argument.

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