China-Spain deals to be worth $7.3bn during visit

DEALS signed between Chinese and Spanish companies during the visit of Chinese vice premier Li Keqiang to Spain are expected to total $7.3bn (£4.7bn) by the time Li leaves today.

The deals are said to cover 16 sectors, including telecoms, banking, energy, transport and agriculture.

In one agreement, Spanish bank Banco Bilbao Vizcaya Argentaria announced that it will cooperate with China Development Bank during dealings in Latin America.

There is also good news for Spanish exports, with China expected to sign up to import $29m’s worth of foodstuffs such as meat, olive oil and wine from the country.

Li wrote in a Spanish newspaper earlier this week that China would also continue to be a long-term investor in Spain’s sovereign debt, prompting bond yields to fall.