China, Spain see scope to deepen business ties

China and Spain have enough potential to strengthen business ties, as trade and investment gather pace with companies moving into higher-value sectors, backed by rising bilateral flows and policy support, senior government officials said on Wednesday.

They added that efforts to make two-way trade and investment more effective and profitable are gaining traction among companies on both sides.

Speaking at the China-Spain Business Innovation Meeting in Beijing, Commerce Minister Wang Wentao said that cooperation between the two countries has broadened to encompass higher value-added sectors such as mechanical equipment and electric vehicles, while two-way investment has remained stable.

Spanish Prime Minister Pedro Sanchez encouraged companies from both countries to strengthen communication and explore opportunities for future development.

Tomas Daga, board director of Spanish pharmaceutical group Grifols SA, said that he is encouraged by the outcome of the meeting.

"It is a strong initiative by both sides and will provide meaningful support for Spanish companies operating in China," he said.

Du Weibin, director of international government affairs at Chinese tech company Xiaomi Corp, said the event will help promote cooperation between Chinese and Spanish companies, adding that Xiaomi hopes to contribute further to bilateral ties.

The two countries have highly complementary economies. China is Spain's largest trading partner outside the European Union, while Spain is a key partner for China within EU.

Data from the General Administration of Customs showed that bilateral trade exceeded $55 billion in 2025, up 9.8 percent year-on-year.

China exports a range of products including raw materials, computers, telecommunication equipment, trucks, plastic and rubber products, textiles, garments and household appliances to Spain.

In addition to agricultural products, chemical goods, water treatment and medical equipment, Spain's shipments to China include minerals, mechanicals, transportation equipment, fossil fuels, tobacco, car parts, cosmetics and fashion products.

At the company level, Zhejiang Arcana Power Sports Tech Co, a manufacturer of commercial fitness equipment based in Ningbo in Zhejiang province, saw its export value to Spain surge 13 percent year-on-year to 57 million euros ($67.21 million) in the first quarter of 2026, data from Ningbo Customs showed.

"We will continue to step up investment in product innovation and expand our offering of customized products, deepen our presence in Spain and other core European markets, further tap market potential, and drive sustainable growth in our export business," said Geng Liangfeng, the company's vice-president for operations.

Amparo Lopez Senovilla, secretary of state for trade at Spain's Ministry of Economy, Trade and Business, said that her country stands ready to work with China to further expand agricultural and food trade, and to deepen cooperation in the green and digital sectors for mutual benefit.

With the aim of creating new opportunities by combining its in-house innovation capabilities with local partnerships, Almirall, a Barcelona-based medical dermatology company, opened its first office in Shanghai earlier this week.

Carlos Gallardo, Almirall's chairman and executive director, said that the move comes as China accelerates its life sciences capabilities and licensing activity.

Cheng Geyang, a professor of Iberian studies at Fudan University in Shanghai, said that strengthening cooperation with China will not only help Spain expand market access, attract investment and advance its green transition, but also enhance its room for maneuver in European business affairs. Notably, Chinese investment in Spain continues to expand, with a growing focus on key sectors, said Cheng.