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Chinese invest in gateway to Europe

chinaBusiness deals worth about $5bn (£2.9bn) have been signed by China and Greece.

China showed interest in shipbuilding, acquiring railways and building an airport in Crete. The country would like a majority stake in the port at Piraeus where it already runs two piers.

Greek prime minister Antonis Samaras expressed the hope that his country could “become a transit hub for air transport”.

Chinese Premier Li Keqiang described the port of Piraeus as "a pearl in the Mediterranean Sea" and said it could become "one of the most competitive ports of the world". China wants to invest $310m (£180m) in expanding the port, which requires European Union approval.

The joint statement pointed out that "China attaches great importance to Greece's unique geographic advantage of being a gateway to Europe".

Foreign investment for Greece means it can reduce its national debt and boost employment.

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