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THIS WEEK'S SILK ROAD HEADLINES
Chinese involvement in the European financial sector is growing. Legend Holdings of China, which owns computer producer Lenovo, has taken a 90%-stake in Banque Internationale a Luxembourg (BIL). Through this deal, which is worth 1.5 billion euros, Legend wants to provide services to companies that are active in Belt and Road projects [China's Legend Buys Luxembourg's BIL Bank for $1.8 Billion in Landmark European Expansion]. Also in the financial domain, China and Greece established a protocol for cooperation between the two countries’ capital market and securities regulatory commissions. This should make it easier for investors and stock exchanges in Greece and China to interact more closely, and is part of a three-year bilateral action plan [Greece, China to Boost Capital Market Cooperation].
The Eastern Mediterranean is an important region for the Belt and Road. China continues to develop the port of Piraeus as a gateway to Europe. A recent initiative is the announcement by COSCO Shipping of an express cargo service from China to destinations in Europe via Piraeus and the Balkans that is intended to reduce transit time by up to a week. [Cosco Unveils Express Cargo Shipping to Europe via Port of Piraeus]. China is interested also in Israel, a potential logistical hub and transit country for Asia-Europe trade that offers stability and is an advanced economy in an unstable and underdeveloped region. A Chinese firm is currently building a new port at Ashdod. An opinion piece in the Jerusalem Post highlights the link between the Belt and Road initiative and a recent Chinese peace plan to address the long-standing Israeli-Palestinian conflict [One Belt, One Road: Israel’s Role in China’s Flagship Policy].
Frans-Paul van der Putten
To increase awareness of and facilitate the debate on China's Belt and Road Initiative, the Clingendael Institute publishes Silk Road Headlines, a weekly update on relevant news articles from open sources.
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