In a move to strengthen Spain’s presence in Asia, the Spanish Council of Ministers had approved for the establishment of a new Ministry of Finance arm in Beijing, China. This move is part of the country’s plan to advantage Spanish investors and companies that have international business interest, especially in the Asia region.
In 2019, China was Spain’s third largest supplier (amounting about 9 percent of imports). Following a 6.7 percent gain in 2020, bilateral trade reached USD35 billions, a 29.7 percent increase year-on-year.
Spanish exports to China, on the other hand, are roughly about USD9.6 billions, representing a 31.3 percent growth year on year. Furthermore, 242 trains departed Yiwu for Madrid during the first eight months of the year, and trains from Spain multiplied by ten-fold. China ranked as the fourth highest destination for Spanish exports outside the European Union.
When the Covid-19 epidemic hit China, the Spanish government dispatched medical supplies twice in 2020, at the end of January and the first week of February. The assistance shipments were organized in collaboration with the United Kingdom and took occurred in the context of the Spanish government’s high-level political support for the Chinese population in Spain, the Chinese people, and their leaders.
As a result, interactions between the Chinese and Spanish administrations have been heightened in recent years, owing primarily to the enormity of trade volume between the two nations.
With the establishment of this new arm, the two countries hoped to promote cooperation and mutual assistance in tax matters in the Asian continent. The top policy makers would in tandem, abolish the Spanish Ministries of Finance in Argentina and Mexico.
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