"The Chinese side will continue to support Greece on sovereign debt issues and efforts to promote economic recovery," said the Chinese president. During a stopover on his way to the BRICS summit in Brazil, President Xi added: "China is ready to share its development opportunities with Greece and further enhance the bilateral comprehensive strategic partnership."
Xi’s visit was the second high-level one from China to Greece in a month. Premier Li Keqiang visited 19 / 21 June and oversaw the signing of trade and investment deals worth some EUR6.5bn while pledging to increase China’s purchase of Greek government bonds.
Athens hopes Chinese investment will help spark long-elusive growth, while the Asian giant sees Greece as a gateway for investment in the rest of Europe.
It has not been revealed whether China participated in the 10 July three-year bond sale in which the Greek state raised Euro 1.5bn ($2.05bn) with an interest rate of 3.5%, both short of the desired target, but none-the-less described “a success under the circumstances”.
During Xi's day long visit to Rhodes he made special reference to transportation infrastructure, maritime, energy and green economy. He said Beijing would back Chinese companies’ efforts to develop the port of Piraeus and the improvement of the railway system.
Samaras said: "Greece welcomes Chinese companies to expand investment in Greece' port, railway, and airport, making the country a gateway to the EU market".
In Rhodes, Samaras also suggested the possibility exists for joint naval operations between Greece and China’s navy. News agency reports say Samaras told Xi: "On Crete there is all the appropriate infrastructure for refuelling, maintenance and repairs for all your country’s navy units. There is a possibility of cooperation, for example, in joint patrols of war ships. And another example, in the area of fighting piracy, where the interests of our two peoples coincide".
Crete’s Souda Bay is home to a Nato miltary and navy base and the suggestion raised some eyebrows.
"I also want to say I believe deeply in our relations of strategic partnership will constantly expand, as your country's presence at the forefront of the international stage also grows," Samaras is reported as saying.
The Chinese leader said: "We can say Greece is the friendliest and most reliable country in Europe for China."
In the meantime, the European Commission is said to be near to giving the green-light to the friendly arrangement between China’s Cosco Pacific and Piraeus Port Authority regarding the extension of the western section of Piraeus' container terminal III. Cosco operates terminals II and III under its 35-year concession and sees extension of terminal III as vital to its plan to develop Piraeus into its European container hub. The concession was agreed in 2009 and became operable in 2010 and since then container capacity through the port has risen to near 4m teu from around 1.8m teu.
Approval by EC competition authorities of Cosco's EUR250m investment projects would pave the way for the submission of a binding bid for the majority 67% stake in PPA. Cosco had set the deal’s approval as a condition for its participation in the port’s privatisation tender.
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