In 2013, China was Spain's seventh largest trading partner. However, the countries with the most investment in Spain were the United States, the United Kingdom, Germany, France, and Italy, while Japan was the largest Asian investor in Spain. China did not appear in the top 20. Additionally, due to the impact of the European financial crisis, the bilateral trade volume between China and Spain in 2012 was 24.57 billion USD, a year-on-year decrease of 9.9%. Among them, China's exports to Spain were 18.24 billion USD, and imports were 6.33 billion USD, both showing a certain decline.
However, currently, many enterprises from both China and Spain are cooperating ahead of the recovery of bilateral trade. For Spain, attracting more Chinese investment has become an important means of economic recovery. In 2012, China Unicom signed an Internet of Things cooperation agreement with Telefónica; on June 20, 2013, Huawei obtained a five-year management service contract from Vodafone; on November 30, 2013, Shuanghui International announced an investment of 8 billion USD to acquire the Spanish meat processing company Campofrío.
In addition to seeking more Chinese investment and expanding bilateral trade, Spain is also targeting a large number of wealthy Chinese individuals who wish to immigrate abroad. At the beginning of 2013, the Madrid real estate company Mr. House stated that it needed to sell at least 10 properties to Chinese buyers each month, with most Chinese buyers paying at least 80% of the property price in cash. From Greece, Portugal to Cyprus, Spain could become a new direction for Chinese immigration to Europe.
On September 27, 2013, the Spanish government officially passed the Entrepreneur Law, legally defining the concept of property investment immigration in Spain. Purchasing local properties worth over 500,000 euros allows for the application of a residence visa. Compared to the initial 160,000 euros envisioned by the Spanish government, the investment threshold has increased significantly, and compared to neighboring Portugal, which also offers residence in exchange for a 500,000 euro property purchase, the rights enjoyed are somewhat reduced.
However, compared to immigration to the United States and Canada, the attractiveness of Spain's immigration policy lies in the fact that for just 500,000 euros, one can obtain a residence card for the whole family (parents and children under 18) by purchasing property in Spain. Additionally, free public education for primary and secondary schools, a healthcare system, permanent property rights, and no double taxation are also advantages of immigrating to Spain.