China’s Belt and Road Initiative has made significant inroads in Greece. Today, economic ties extend to banking, a very large investment by China’s state-owned power corporation in the Greek power grid operator, and the collaboration of the Greek telecommunications operator with Huawei.
How much of Greece does China own?
The Chinese company Cosco Shipping now owns 67% of Greece’s Piraeus Port Authority, one of the largest ports in Europe, after Greek lawmakers ratified the sale of a 16% stake in the company on top of the 51% Cosco already held.
Does China own a port in Greece?
COSCO acquired a 51% stake in operator Piraeus Port Authority in 2016 for about 280 million euros ($326 million at current rates). …
Is Greece an ally of China?
Chinese-Greek relations are the relations between the People’s Republic of China and the Hellenic Republic. China has an embassy in Athens. … Today, Greece and China enjoy a very good relationship based on a solid foundation, which continues to be growing steadily.
What has China bought in Greece?
Greece’s parliament has approved a new contract that allows Chinese state-owned shipping giant Cosco to buy an additional 16 percent stake in the Piraeus Port Authority (PPA), taking its total share of ownership to 67 percent.
Does China own Piraeus port?
The Port of Piraeus, a 40-sq. -km complex of container terminals, repair docks and more, now managed by a Chinese state company, serves as China’s gateway into Europe and the Middle East under Beijing’s Belt and Road infrastructure-building initiative.
How bad is Greece’s economy?
However, the Greek economy continues to face significant problems, including high unemployment levels, an inefficient public sector bureaucracy, tax evasion, corruption and low global competitiveness. Greece is ranked 59th in the world, and 22nd among EU member states, on the Corruption Perceptions Index.
Does China own all US ports?
Right now, “Chinese state-owned enterprises hold ownership stakes in terminals at five U.S. ports,” according to a U.S. Naval War College investigation. China’s Offshore Shipping Company, or Cosco, for instance, has a 40 percent joint venture stake in Los Angeles’ West Basin Container Terminal.
Which foreign ports does China own?
Besides Shanghai, six other Chinese ports ranked among the 10 most-active container ports in the world in 2019, including Ningbo-Zhoushan (3rd), Shenzhen (4th), Guangzhou (5th), Qingdao (7th), Hong Kong (8th), and Tianjin (9th).
How many ports do China own?
In a recent opinion piece published by the Daily Mail, former British Defense and International Trade Secretary Dr Liam Fox and former U.S. National Security Adviser Robert McFarlane noted that China now owns 96 ports around the world.