People’s Daily published an article describing the economic success of four Southern European countries—Portugal, Italy, Greece, and Spain.
The article says that the European debt crisis more than a decade ago pushed the four economies into severe fiscal and economic difficulties, but they have since staged a significant recovery. Spain’s GDP grew 2.8 percent in 2025, well above the euro-area average, while Italy maintained strong manufactured-goods exports and Greece and Portugal recorded government surpluses.
The article argues that their recovery has been driven by structural reforms and greater openness to international trade and investment. It highlights cooperation with China as an example. After Chinese shipping company COSCO became involved in the operation of Greece’s Piraeus Port, it upgraded the port and expanded its shipping network, turning the once-struggling facility into a major Mediterranean logistics hub and creating thousands of jobs. In Spain, Italy, and Portugal, Chinese companies have also invested in renewable energy, infrastructure, logistics, and advanced manufacturing, bringing capital, technology, and access to broader markets while supporting industrial upgrading and job creation.
The article concludes that economic openness can bring greater benefits than protectionism, suggesting that European countries should avoid policies aimed at restricting economic ties with China.
Source: People’s Daily, August 24, 2026
https://world.people.com.cn/n1/2026/0824/c1002-40784672.html