Portugal’s trade ties with China arguably pre-date those of any other European nation. Portuguese merchants first began using the harbour at Macau in 1535, and the island eventually became administered by Portugal. Macau reverted to China in 1999, and in a further sign of the historical shift in the balance of power, China is now promising to help Portugal avoid a sovereign debt crisis.
President Hu Jintao was in Lisbon this week promising “concrete measures” of financial support such as the purchase of Portuguese government bonds. Hu also promised that China’s trade with Portugal would double within five years, and announced a raft of deals that included a fibre-optic venture between Huawei and Portugal Telecom. as well as the possibility that China Power International could buy 2% of Energias de Portugal, reports the Financial Times.
© ChinTell Ltd. All rights reserved.
Exclusively sponsored by HSBC.
The Week in China website and the weekly magazine publications are owned and maintained by ChinTell Limited, Hong Kong. Neither HSBC nor any member of the HSBC group of companies ("HSBC") endorses the contents and/or is involved in selecting, creating or editing the contents of the Week in China website or the Week in China magazine. The views expressed in these publications are solely the views of ChinTell Limited and do not necessarily reflect the views or investment ideas of HSBC. No responsibility will therefore be assumed by HSBC for the contents of these publications or for the errors or omissions therein.