It's the LAST DAY to donate and pick up any of our thank-you gifts at a discount. 🔥 Give Now!
European Debt Crisis

China invests in Greek shipping industry

Scott Tong Jun 15, 2010
HTML EMBED:
COPY
European Debt Crisis

China invests in Greek shipping industry

Scott Tong Jun 15, 2010
HTML EMBED:
COPY

by Scott Tong

China is expected to commit to building 15 bulk vessel ships for Greek companies and invest in a major commercial property near the port of Athens. Already at the port, one Chinese company has taken over management of a container terminal.

Economist Ben Simpfendorfer at Royal Bank of Scotland says it plays to China’s strengths. “As the world’s largest exporter, it clearly has interest in the port sector,” he says. “And not just in Europe, but also in Africa and the Middle East.”

That’s the reward. The risk: Greek is a wobbly economy right now. Long-term, though, Simpfendorfer says Europe will rebound. “Europe is China’s largest exporter,” he says, “around 25 percent of total exports. So clearly those trade flows are already very robust.” And with Greece wooing investments from sovereign wealth funds, this could be a good time to buy.

There’s a lot happening in the world.  Through it all, Marketplace is here for you. 

You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible. 

Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.