Being suffering from financial crisis, Spain has signed more than a dozen business agreements with China on Wednesday.
The deal involved the banking, energy, transport and telecommunications companies which were signed after Prime Minister Jose Luis Rodriguez Zapatero. The Spanish National Radio and other media sources said the deals are going to be valued at some 5.6 billion Euros ($7.5 billion) only after a confirmation from but Zapatero's office. Chinese Vice Premier Li Keqiang expressed his support for Spain's economy and urged Chinese businesses to invest in Spain.
The visit was a ray of hope for Spain, which is suffering from recession for past two years with a euro zone high unemployment rate of 20 percent and a massive deficit. Spain's connections with China have been growing since the countries signed a strategic association during a visit by President Hu Jintao in 2005.
According to Li, "China is a long-term and responsible investor in the Spanish bond market, and China has not reduced, but even increased, its investments of Spanish bonds, and China will continue to look into the market and to continue buying.,"
