Hu pledges China's support for Portugal
Source: Agencies |
November 8, 2010, Monday
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Print Edition
Print Edition
CHINESE President Hu Jintao said yesterday his country will back Portugal's efforts to deal with the world financial crisis.
"We are willing to take concrete measures to help Portugal cope with the global financial crisis," Hu said after meeting Prime Minister Jose Socrates in Lisbon.
The two signed several cooperation treaties in areas such as financial services, logistics, renewable energy and tourism, and agreed to work to double their bilateral trade by 2015.
Hu also said he will encourage Chinese companies to invest in Portugal, while China encouraged Portuguese firms to sell more goods in the world's most populous country.
In an example of potential mutual investment, Portugal's largest company and utility EDP said China Power Holding International (CPI), with which it signed an agreement for a potential partnership, had expressed interest in buying a stake in the Portuguese company.
"Given the strategic significance the cooperation partnership may have, CPI has manifested its interest in a potential entry into EDP's capital," EDP said in a statement.
Investor concerns that Portugal may fail to rein in its budget deficit and debt have caused its debt premiums to spike this year, raising the spectre of a Greek-style bailout.
But the minority Socialist government maintains it will meet the budget deficit target of 7.3 percent of GDP this year and 4.6 percent next year, and is looking for increased exports so as not to slide into a new recession next year.
The Chinese president left for home yesterday afternoon after his two-day state visit to Portugal.
"We are willing to take concrete measures to help Portugal cope with the global financial crisis," Hu said after meeting Prime Minister Jose Socrates in Lisbon.
The two signed several cooperation treaties in areas such as financial services, logistics, renewable energy and tourism, and agreed to work to double their bilateral trade by 2015.
Hu also said he will encourage Chinese companies to invest in Portugal, while China encouraged Portuguese firms to sell more goods in the world's most populous country.
In an example of potential mutual investment, Portugal's largest company and utility EDP said China Power Holding International (CPI), with which it signed an agreement for a potential partnership, had expressed interest in buying a stake in the Portuguese company.
"Given the strategic significance the cooperation partnership may have, CPI has manifested its interest in a potential entry into EDP's capital," EDP said in a statement.
Investor concerns that Portugal may fail to rein in its budget deficit and debt have caused its debt premiums to spike this year, raising the spectre of a Greek-style bailout.
But the minority Socialist government maintains it will meet the budget deficit target of 7.3 percent of GDP this year and 4.6 percent next year, and is looking for increased exports so as not to slide into a new recession next year.
The Chinese president left for home yesterday afternoon after his two-day state visit to Portugal.
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