Xi courts Spain for investment

Chinese President Xi Jinping on Wednesday offered Spain's King Felipe VI a vision of cooperation with "great global influence" as Beijing sought Madrid's support within the EU in exchange for greater economic security.

Felipe is the first Spanish monarch to make a state visit to China in 18 years. Madrid has led the EU in courting Beijing for fresh investment since US President Donald Trump threatened to make Spain "pay twice as much" unless it boosted its NATO contributions.

China is eager to move past trade frictions with the EU over its heavily subsidised electric vehicle industry. Tensions with Washington have weighed on Beijing's export-driven economy, pushing Chinese firms to seek new commercial hubs in Latin America and North Africa, where Spain has historic ties.

"The world needs more constructive forces dedicated to peace and development," Xi told Felipe at Beijing's Great Hall of the People.