00:00Yes, Ali, well I think we heard a lot of it already earlier. It's pretty clear what Spain wants from this visit.
00:07The meeting between the two leaders earlier, Sanchez said, following some warnings from Washington on Wednesday,
00:17warning Spain and the EU about getting closer to China. Well, that's exactly what they're going to do, according to Sanchez.
00:24He said that their foreign policy wasn't against anyone. It was in favor of multilateralism, of understanding and of trade.
00:33And trade between China and Spain has been rapidly increasing and improving over the past decade, in the past two to three years even.
00:41We've seen 10 billion U.S. dollars of investment from Chinese companies in green hydrogen projects in the south,
00:48in a car factory in Barcelona, half a billion dollars from Cherry to build cars in the old Nissan factory there.
00:56Spain's biggest solar power plant was just bought by China Three Gorges, massive energy company for half a billion U.S. dollars.
01:04And the biggest one, some five billion dollars with CATL, the world's biggest and best-selling EV electric car battery maker,
01:14along with Stellantis, another automobile giant. They're making a huge gigafactory in Zaragoza to make some one million EV batteries,
01:24electric car batteries by 2028, employing some 3,000 people. So Sanchez and the Spanish government, what they want is simple.
01:32They want more. They want more investment from China. They're looking at BYD and MG factories,
01:38two huge electric car brands that are really popular coming out of China now.
01:43And there is a bit of an imbalance between these two countries. If you look at the numbers,
01:48China buys around $8 billion worth of goods from Spain every year. Spain buys close to $50 billion.
01:56So that's quite a big trade imbalance. But that is not as bad as it sounds, really, when you look at other things like services.
02:03Chinese tourists spend a lot more money in Spain than Spanish tourists spend in China, for example.
02:09So very simple what Spain wants. They want more investment. They want closer ties economically and politically.
02:17That's what we're hearing here in Spain today, Sally.
02:20That's what we're hearing here in Spain today.
02:21That's what we're hearing here in Spain today.
02:21That's what we're hearing here in Spain today.
02:22That's what we're hearing here in Spain today.
02:23That's what we're hearing here in Spain today.
02:24That's what we're hearing here in Spain today.
02:25That's what we're hearing here in Spain today.
02:26That's what we're hearing here in Spain today.
02:27That's what we're hearing here in Spain today.
02:28That's what we're hearing here in Spain today.
02:29That's what we're hearing here in Spain today.
02:30That's what we're hearing here in Spain today.
02:31That's what we're hearing here in Spain today.
02:32That's what we're hearing here in Spain today.
02:33That's what we're hearing here in Spain today.
02:34That's what we're hearing here in Spain today.
02:35That's what we're hearing here in Spain today.
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