Beijing’s Buying Up EuropeEurope’s economic distress could be China’s opportunity. In the past, the country has proved a hesitant investor in the continent, but figures show a 30 percent surge in new Chinese projects in Europe last year. And these days Europe looks ever more tempting. Bargains proliferate as the yuan strengthens and cash-strapped governments forget concerns over foreign ownership of key assets. On a recent visit to Greece, Vice Premier Zhang Dejiang sealed 14 deals, reportedly the largest Chinese investment package in Europe, covering a range of sectors from construction to telecoms. And Chinese shipping group Cosco paid the state $4.1 billion to lease much of Greece’s largest container port, a useful gateway for Chinese goods headed for Southern European markets.
Meanwhile, Irish authorities have opened talks with Chinese promoters to develop a 240-hectare industrial park in central Ireland where Chinese manufacturers could operate inside the EU free of quotas and costly tariffs. In time, that could bring 10,000 new jobs. “It’s good business,” says Vanessa Rossi, an authority on China at the Royal Institute of International Affairs in London. “There’s big mutual benefit here.” Europe needs money; China needs markets.
Meanwhile, Irish authorities have opened talks with Chinese promoters to develop a 240-hectare industrial park in central Ireland where Chinese manufacturers could operate inside the EU free of quotas and costly tariffs. In time, that could bring 10,000 new jobs. “It’s good business,” says Vanessa Rossi, an authority on China at the Royal Institute of International Affairs in London. “There’s big mutual benefit here.” Europe needs money; China needs markets.
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