Sent from my BlackBerry® -----Original Message----- From: MeLinda MeLisa <[email protected]> Sender: [email protected] Date: Tue, 9 Nov 2010 09:11:04 To: <[email protected]> Reply-To: [email protected] Subject: [StockForex] China's President Visits Portugal, Eyes Investment China's President Visits Portugal, Eyes Investment http://marketpin.blogspot.com/ China will back Portugal's efforts to deal with fallout from the world financial crisis, President Hu Jintao said on Sunday, but he stopped short of promising to buy Portuguese bonds as the debt-ridden country had hoped "We are willing to take concrete measures to help Portugal cope with the global financial crisis," he said after meeting Prime Minister Jose Socrates, without elaborating. LISBON, Portugal – Chinese President Hu Jintao has started a two-day state visit to Portugal where officials are hoping investments by Beijing will help revive one of the European Union's frailest economies. China has been using its large foreign currency reserves to expand its economic presence in western Europe. Hu traveled from France where companies won deals with China worth euro16 billion ($22.8 billion). In Portugal, Hu is expected to preside over the signing of trade agreements and private sector investments. Hu was meeting Saturday with Portuguese President Anibal Cavaco Silva. On Sunday, he was due to hold talks with Prime Minister Jose Socrates. Hu is accompanied by a delegation of Chinese company executives. Last month, Premier Wen Jiabao promised to buy Greek government bonds when Athens returns to markets, in a show of support for the country whose debt burden pushed the euro zone into crisis and required an international bailout. Portugal, which unlike Greece still sells bonds on financial markets although at high cost, had hoped for a similar promise as it is trying to soothe investors' concerns about its ability to cut a high budget deficit and rein in ballooning debt. Deputy Foreign Minister Fu Ying, who is part of the Chinese delegation visiting Europe, told Reuters on Saturday that Beijing remained committed to investing in European bonds and was willing to lend Portugal a helping hand. The Chinese government faces criticism at home over losses which state entities incurred during the global crisis. But Beijing may calculate that using part of its huge foreign currency reserves to support troubled European countries would help to deflect international criticism of its trade policies and its refusal to let its yuan currency appreciate sharply. Portugal and China also signed several cooperation treaties in areas such as financial services, logistics, renewable energy and tourism, and agreed to work to double their bilateral trade by 2015. Hu said he would encourage Chinese companies to invest in Portugal, while China also wanted Portuguese firms to sell more goods in the world's most populous country. HIGH DEBT PREMIUMS A stern-looking Socrates thanked Hu for a "personal effort" to achieve not only the doubling of trade and more mutual investment, but also "a more balanced relationship so that both our peoples can benefit from this ambition." Portuguese imports from China in the January-August period jumped 47 percent to 1.03 billion euros ($1.45 billion) from last year, while exports to the world's second largest economy in the first eight months of the year totaled just 149 million euros. Investors' concerns that Portugal may fail to rein in its budget deficit and debt have caused its debt premiums to soar this year, raising the risk of a Greek-style bailout. But the minority Socialist government maintains it will meet the budget deficit target of 7.3 percent of GDP this year and 4.6 percent in 2011 year. It is betting on higher exports to avoid a new recession next year, when tough austerity measures such as higher taxes and wage cuts will start. In an example of possible investment, Portugal's largest company and utility EDP said China Power Holding International (CPI), with which it signed an agreement for a potential partnership, expressed interest in buying a stake in the Portuguese company. "Given the strategic significance the cooperation partnership may have, CPI has manifested its interest in a potential entry into EDP's capital," EDP said in a statement. ------------------------------------ ## StockForex ## _________________ ::Forum:: All about Forex and Stock Trading ; all currency pairs. All Major World Indices, Asian Stock Index. and Individual/single stock. We're not goin' anywhere Well, it's all right here. Enjoy it !! :) _________________ http://finance.groups.yahoo.com/group/StockForex Yahoo! Groups Links ------------------------------------ Kunjungi situs http://www.info-saham.com untuk informasi seputar saham. SEMUA POSTING DI MILIS INI TANGGUNG JAWAB PENGIRIM EMAIL DAN BUKAN ADMIN MILIS. SEMUA POSTING DI MILIS INI BUKAN UNTUK MENGAJAK MEMBELI ATAU MENJUAL EFEK. SETIAP KEPUTUSAN INVESTASI MENJADI TANGGUNG JAWAB PIHAK PEMILIK INVESTASI ATAU PEMILIK MODAL. [email protected] untuk berhenti dari milis saham [email protected] untuk bergabung ke milis saham Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/saham/ <*> Your email settings: Individual Email | Traditional <*> To change settings online go to: http://groups.yahoo.com/group/saham/join (Yahoo! ID required) <*> To change settings via email: [email protected] [email protected] <*> To unsubscribe from this group, send an email to: [email protected] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
