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The article identifies the main trends in the development of trade, economic and investment cooperation between Spain and China, especially after the establishment of a comprehensive strategic partnership in 2005. The authors assessed the potential of economic cooperation that has developed over 50 years of diplomatic relations, and considered new directions: interaction both within individual regions and cities, and in the markets of third countries, which include Latin America, North Africa and Asia. The article also shows negative market-driven factors that make it difficult to deepen these ties, which include Spain’s membership in NATO, the EU’s adherence to an aggressive anti-Chinese policy, and Beijing’s evasion of anti-Russian sanctions. The authors conclude that the growing deficit in Spain's trade with China, the decline in Madrid's interest in the Belt and Road project, and the intensification of Chinese policy in Latin America indicate that the likelihood of the formation of a China-Spain-Latin America triangle has decreased.
Borzova et al. (Wed,) studied this question.