00:00Malmo Torres Salazar is the managing partner of Spanish law firm Garrigues China.
00:06Four times per year, I think the Spanish government is paying attention to this bilateral relation.
00:13But this time, I think there was a clear agenda, the trade deficit.
00:18Our trade balance is really unbalanced. According to official figures, 11% of the Spanish import came to China,
00:25but only 2% export goes to China. As our Prime Minister said during the audience in the Tsinghua University,
00:33trade deficit with China represents more than 74% of the total Spain.
00:38So I think it's a real problem that our Prime Minister tried to sort out in this trade to China.
00:44He called it excessive, didn't he, that deficit, the trade imbalance.
00:48Yes.
00:48What actually needs to happen now to bring that down?
00:53Well, our Prime Minister makes with regard to Spain and also with regard to the European community.
01:00But I think in general, we can highlight two comments.
01:03First of all, I think the Chinese market has to finish the opening up.
01:07I think for many years ago, the China was limited and reduced barrier and barrier.
01:11So one of the topics will be opening up all the markets.
01:15And second, when we are talking about the investment in China and Europe,
01:18I think we need to talk about the transfer of technology.
01:21I think one was the gap that if the government can fill it, I think we can reduce and down
01:27this deficit.
01:29President Xi highlighted cooperation in trade, zoning in on what he called new energy and the intelligent economy.
01:38Where do you think that the most realistic gains are for Spain in those areas?
01:43I think Spain wants to become a European hub for digital infrastructure, data center, artificial intelligence programs.
01:51So I think our interest as a country is aligned with what Mr. Xi said in this meeting.
02:00And in terms of Spain as a bridge between China and Europe, how is that role changing?
02:09I think that Spain has a unique country in Europe, unique link both China, Europe and Latin America,
02:18because most of the investors from the Chinese companies are locating there.
02:23But most and most, they are planning to invest further in Europe, in particular in Spain, and later on jump
02:29into Latin America.
02:30So I think the position in Spain within the European Union is unique.
02:34They talk, don't they, about strategic autonomy.
02:38Do you think that Europe can build closer ties with China without becoming too dependent?
02:45You know, first of all, Spain is not abandoning European consensus.
02:50What Spain is doing is refining what is mentioned like the risk.
02:54You remember many years ago that more of the investors are talking about the decoupling.
02:59The idea to find another place instead of replacing China, but at the end it's not feasible.
03:03It's impossible to find a country with the same infrastructure, development, communication and supply chains.
03:12So now we're talking about the risk.
03:14And I think Spain is making a step forward now.
03:18It's talking about smart diversification.
03:20But you remember in 2019, European Union qualified China as a cooperative partner, economic competitor and systemic rival.
03:33So I think that all the intention from the European counter when they came to China, they have to bear
03:39in mind this.
03:40And finally, remember that Spain signed a comprehensive strategic partnership with China in 2005.
03:46Also signed an action plan 2025-2028.
03:50And all of these agreements are under European umbrella.
03:54So I think that Spain is keeping the consensus that the rest of the European countries have.
04:00We indicate a few levels, and we look forward to seeing the difference to British planners.
04:00We just hope that especially for our limitedات so that we see now a little gap in the world.
04:00We want to make strategic approaches for the summit of China and the support should showcase the issues that we
04:00are on.
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