China president in Greece for $1 billion port deal

From the Associated Press:

Chinese President Hu Jintao arrived in Greece on Monday for a three-day meeting coinciding with a $1 billion deal. The deal gives Chinese company Cosco Pacific Ltd. a 35-year concession to manage container operations the port of Piraeus, Greece’s main port.  Greece and China have strengthened ties since the . As the article comments,

Last year, the volume of trade between the two countries was 2.9 billion ($3.7 billion) with Chinese making up more than 95 percent of that figure, according to data from the Hellenic-Chinese Chamber of Commerce.

The visit comes on the heels of Hu’s visit to , as posted in this CDT article.

Regarding the potential benefits of the visit, the BBC comments:

Greek officials say the visit heralds a new era in increasingly warm relations between the two countries.  Greek entrepreneurs have been urged to use Mr Hu’s trip as an opportunity to boost exports to China.

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