King Felipe VI of Spain has begun his state visit in Chengdu, setting an economic tone right from the start. The Spanish monarch outlined his priorities: strengthening business ties and exploring new opportunities for joint projects between Madrid and Beijing. Spain is hoping for more open access for its companies to the Chinese market, which remains challenging for European players.
At the business forum, which brought together more than 400 business representatives from both countries, participants discussed investment, technology exchange, and the removal of trade barriers. Spanish manufacturers, particularly from the agricultural sector, are hoping for the easing of Chinese tariffs imposed in response to European measures against Chinese electric vehicles. For the pork industry—which exports more than one billion euros worth of goods to China each year—this visit could be an opportunity to regain competitiveness.
Spanish and Chinese companies are seeking new forms of cooperation
Among the forum’s participants were major Chinese investors already implementing large-scale projects in Spain. For example, battery manufacturer CATL, together with automotive giant Stellantis, is building a gigafactory in Zaragoza, a project expected to create thousands of jobs and elevate the region’s technological development. The Spanish side emphasizes that such initiatives should go beyond simple assembly, bringing real knowledge transfer and helping generate highly skilled jobs.
At the same time, Spain is grappling with a persistent trade deficit in its relationship with China. In 2024, the gap in Beijing’s favor reached nearly 38 billion euros. Nevertheless, both sides see room for growth: hundreds of Spanish companies already operate in China, and Chinese investment in Spain continues to increase, especially in the fields of innovation and green energy.
A cultural program and diplomatic nuances
The royal couple’s visit was not limited to economic matters. Queen Letizia participated in an event marking the 150th anniversary of poet Antonio Machado’s birth, held in one of Chengdu’s parks. This occasion became a symbol of cultural dialogue between the two nations, where poetry from both Spanish and Chinese classics was recited.
The rest of the visit’s program includes meetings with President Xi Jinping and other senior officials. Discussions are expected to cover not only economic, but also political issues, as well as Spain’s role in shaping new international trade rules. With relations between China, the US, and the European Union becoming increasingly complex, Madrid seeks to position itself as a mediator and champion of transparent rules for all market participants.
Experts note that this visit could mark the starting point for a new phase in relations between Spain and China. The focus is on building a long-term partnership based on trust, innovation, and mutual benefit.
