BRI a pillar for partnership
Longstanding Sino-Greek relations supported by breakthroughs in infrastructure, trade and finance
Editor’s note: This year marks the 10th anniversary of the launch of the Belt and Road Initiative. A decade of practice has demonstrated that it is a broad and prosperous way for China and the world to share opportunities and seek common development. In a more than 10-part series, China Daily finds out how the road of peace, prosperity, openness, green development, innovation and civilization will contribute more to the shared future of mankind.
Over two millenniums ago, the radiant civilizations of ancient China and Greece illuminated the landscapes of Asia and Europe. Greece’s golden age gave rise to great philosophers and literary titans, coinciding with the time in China when a multitude of philosophical ideologies thrived side by side.
Dating back to the 4th century BC, the Greeks bestowed upon China the graceful Greek name of Serike, meaning the land of the Seres (“silk”), or people of the land where silk comes from.
By the 16th century, the introduction of Euclid’s Elements into China paved the way for scientific dialogue between the East and West. Greek mathematician Euclid, often referred to as the “Father of Geometry”, wrote possibly the most important mathematical textbook in history, known as the Elements.
Ancient Athenian playwright Aeschylus’ narrative of Prometheus, the Titan who stole fire from heaven and gave it to humankind, according to Greek mythology, inspired numerous Chinese revolutionaries.
Elsewhere, enduring Greek classics — Plato’s Republic and Aristotle’s Politics — left an indelible mark on Chinese culture.
In the early days of the establishment of the People’s Republic of China, Greek shipowners broke Western blockades to provide it with vital supplies, with roles reversing during Greece’s debt crisis when China offered support through investments.
Fast-forward to the 21st century, the Belt and Road Initiative (BRI), drawing from the ancient Silk Road, has revitalized China-Greece relations. This initiative has not only invigorated bilateral ties but also created new avenues for mutual growth, experts said.
Historical bond
The initiative, proposed in 2013, made strides in enhancing infrastructure, trade, financial cooperation, and interpersonal bonds between the two nations.
“Forging business connections with China is in our blood,” said George Xiradakis, vice-president of the Hellenic Chinese Chamber of Commerce, Industry, Tourism, and Shipping.
“Greeks have consistently stood alongside the Chinese, driven by a profound belief in their strength. Moreover, the historical bond between our cultures adds a sense of warmth to our discussions, creating a truly positive atmosphere,” Xiradakis said.
“Given this natural affinity, it was only logical to cultivate a comprehensive partnership between our nations, spanning trade, academia, maritime endeavors, and even, in some instances, political engagements.”
Against the backdrop of a rich historical connection, certain events catalyzed the blossoming ties, according to Xiradakis, who is also the president of the Association of Banking and Financial Executives of Hellenic Shipping.
“The pivotal seeds of this partnership were sown in recent years. Notably, the joyous moments of the 2004 and 2008 Olympic Games served as significant milestones. This confluence brought us closer, occurring simultaneously with Greece’s entry into the euro currency zone in 2001,” he added.
Situated at the crossroads of the Silk Road Economic Belt and the 21st Century Maritime Silk Road, Greece stands as a natural partner for the BRI’s international cooperation projects, according to analysts.
In 2018, Greece and China cemented their collaboration by signing a memorandum of understanding, demonstrating their shared commitment within the framework of the BRI.
Marking the 10th anniversary of the BRI proposal as well as celebrating Sino-Greek relations, a forum was recently held at the Piraeus Port.
Speaking on the occasion, Wu Hailong, president of the China Public Diplomacy Association, highlighted the global opportunities and benefits provided by the BRI, citing the successful Piraeus Port investment as a notable joint achievement.
Ioannis Kotoulas, adjunct lecturer of geopolitics at the University of Athens, commended the BRI’s goal of harmonizing Eurasian interests. Referring to the Sino-Greek partnership, he emphasized the shared commitment to deploying soft power and advocated further cooperative exploration across various sectors.
The collaborative engagement between China and Greece within the BRI framework, exemplified by the notable Piraeus Port project, has yielded substantial outcomes.
Following the acquisition by China’s COSCO Shipping of a 67 percent stake in Piraeus Port, the Greek maritime hub has become the leading Mediterranean port and ranks as Europe’s fourth-largest container port and the third cruise home port as well as the largest ferry port in terms of handling capacity.
Zhang Zhiming, general manager of the board of directors’ office, Piraeus Port Authority, said the COSCO Shipping and Piraeus Port partnership is a prime example of Sino-Greek cooperation that leverages mutual benefits and synergies to create value.
“Without the value of the Piraeus Port, the current achievement would not be possible. Equally important is COSCO’s expertise and the resulting supply chain synergy, which greatly contributed to the remarkable growth of the port,” he said.
Maritime hub
In 2009, COSCO made an initial investment in Pier 2 and Pier 3 within the Piraeus Port container terminal. Back then, the container terminal’s throughput stood at 870,000 TEU (twenty-foot equivalent unit). Through subsequent years of development, Zhang said the terminal’s throughput has surged to exceed 5 million TEU, with a peak of 5.65 million TEU.
Zhang said COSCO’s operations have directly engaged over 3,000 employees within the port. Considering the broader supply chain, the port’s impact extends to generating more than 10,000 employment opportunities in the vicinity, spanning industries that provide services to the port, he added.
Savvas Sanozidis, secretary of the board of directors, Piraeus Port
Authority, said: “Without COSCO’s presence in the Piraeus Port, Piraeus Port could be out of the global maritime map.”
The 2009 Greek debt crisis had farreaching effects, extending its impact to all sectors, including the port business. Sanozidis recalled that period, mentioning how the crisis hindered further investments.
The strategic investments by COSCO, starting in 2009 and then again in 2016, carried significant weight, especially given the prevailing crisis, according to Sanozidis. “It was a vote for the Greek economy, a vote of trust. These investments represented the largest foreign influx of capital during that period,” he added.
Sanozidis said: “Without COSCO’s presence, no investments of such level could take place in our port. This includes attracting major clients in various sectors such as ferry, cruise, car terminals, and container terminals. We had outdated equipment, but COSCO’s arrival prompted us to invest in modern equipment and upgrade our infrastructure.”
Despite initial concerns about job security and career prospects among Piraeus Port employees before the Chinese takeover, the acquisition proved mutually beneficial. “I initially had concerns about the transition, but they were quickly dispelled. COSCO Shipping proved to be a reliable manager, evident in their respectful approach toward local employees,” Sanozidis said.
He said a noteworthy indication of this success lies in the absence of strikes under COSCO’s management. Strikes are often commonplace in labor environments in Greece, reflecting dissatisfaction and protests. However,
unlike the period when Piraeus Port was publicly owned, Sanozidis said no strikes occurred under COSCO’s tenure.
Sanozidis said: “As a Greek and an employee, I consider it a genuine privilege to be associated with Piraeus Port, a pivotal participant in the Belt and Road Initiative. The port’s potential for further development is very high and I feel privileged to be part of this success story.”
Greener goals
In the pursuit of sustained growth, Zhang said COSCO consistently prioritizes sustainability as a crucial investment objective, particularly concerning the Piraeus Port Authority.
“In our drive toward a greener port, we are endeavoring to preserve the port environment and achieve decarbonization,” Zhang said, adding: “A notable step forward has been the establishment of a solar power station within the port.”
Looking ahead, he said, “We are planning to provide the power supply system with shore power and undertaking digital port implementation to reduce carbon emissions and increase the share of clean energy.”
The Doric (left) and Corinthian (right) columns are distinctive styles in ancient Greece.