From small-scale investments in retail shops and Chinese restaurants to multi-million euro acquisitions of large enterprises, the presence of Chinese nationals in the Portuguese economy has moved far beyond small-scale operations—the Chinese have nearly monopolized the acquisition of Portuguese companies. With the support of the Embassy, Chinese brothers and sisters in Portugal are also set to establish a business association to help their compatriots go further in the trade and commerce sector.
Currently, the identity and positioning of the Chinese in Portugal have changed significantly. Chinese people are no longer synonymous with "retail shop owners" and "Chinese restaurant owners." An increasing number of Chinese tycoons and Asian business giants are appearing in Portugal's high-end economic, real estate, and energy markets. With the assistance of the Chinese Embassy, the Chinese in Portugal will establish a trade association to further strengthen their influence in the Portuguese commercial sector. "Chinese tycoons are not only investing in their home country, but some have also set their sights on foreign markets."
Chinese people began entering Portugal in the 1930s, with most immigrants at that time coming from Zhejiang Province. However, by the 1980s and 1990s, most Chinese moving to Portugal were migrating as entire families. They would open restaurants together; these individuals often had low levels of education and struggled to make ends meet in China, so they went to Europe to "strike gold" and send remittances back home.
According to 2011 Portuguese census data, there were over 11,000 Chinese in Portugal, an increase of 427% compared to 2001. However, considering that many immigrants are not registered, the actual number of Chinese in Portugal could reach 20,000. The Chinese population ranks second among foreign residents in Portugal, surpassing the Spanish and second only to the Romanians.
Chinese small business owners are no longer confined to products with ethnic characteristics; many have begun to diversify: Chinese restaurants have started selling sushi, and some have even begun selling fruit. This reflects how the Chinese have moved beyond the limitations of an ethnic-based economy.
The economic crisis and China's acquisition of Portuguese companies have both impacted Chinese trade in Portugal: on one hand, the traditional Chinese business circle has undergone restructuring; on the other hand, the presence of Chinese nationals is seen in more industries. In addition to running small companies and family-operated small businesses, some are now managing large enterprises or investing in state-owned and private companies.
With the implementation of the Golden Visa policy, more and more people are investing in real estate or starting businesses in Portugal to obtain residency status. This wave has led to the emergence of a group of Chinese entrepreneurs in Portugal managing medium-sized businesses, making the Chinese community in Portugal more complex and diverse.
The leaders of this diversification are two giants: China Three Gorges and State Grid. These heavyweight state-owned enterprises have invested heavily in Portugal's EDP (Electricidade de Portugal, the main energy supplier in the Iberian Peninsula, primarily supplying electricity and natural gas) and REN (Rede Elétrica Nacional, also a Portuguese power company, separated from EDP in 2000). Industrial and Commercial Bank of China and Bank of China followed suit, and recently, China's Fosun acquired the insurance arm of Portugal's CGD (Caixa Geral de Depósitos).
These Chinese giant enterprises will gather in a trade association. They are representatives of China's "commercial empire" in Portugal, reflecting the economic openness of this nation of 1.4 billion people and the strong purchasing power of its growing middle class. In the process of privatizing Portuguese state-owned enterprises, China acquired half of them, contributing significantly to reducing Portugal's public debt, with investment in these acquisitions exceeding 4 billion euros.
At the same time, Chinese people are buying properties in the best locations, and when combined with the funds "contributed" by the Chinese to the tourism industry, the figure is even larger. The Chinese also have a great passion for luxury goods, and affluent Chinese with ample capital are sweeping up major luxury brands in shopping centers.
