MADRID (Agencies) -- China and Spain will ink 7.5 billion U.S. dollars' worth of governmental agreements and commercial contracts, visiting Chinese Vice Premier Li Keqiang said Wednesday at a breakfast meeting of Chinese and Spanish businesspersons.

Li vowed to buy more of Spain’s government debt on his three-day visit, delivering a significant vote of confidence in the battered economy.
The visit comes at a time when Spain is battling market concerns that it may need and Irish or Greek-style international bailout because of a debt refinancing concern this year.
Li, who is tipped to be China’s next premier, is embarking on a European tour that will also include Britain and Germany.
Li said that during his visit, the series of governmental agreements and commercial contracts covers 16 programs.
Li arrived in Madrid Tuesday afternoon for a three-day visit. On Wednesday, he met Spanish Prime Minister Jose Luis Rodriguez Zapatero, King Juan Carlos and Foreign Minister Trinidad Jimenez.
China’s role in stabilizing Europe’s debt crisis could be significant, in part because it is the world’s largest holder of foreign reserves with $2.648 trillion (2 trillion euros) at the end of September.
Separately, in an opinion piece in Germany's Sueddeutsche Zeitung daily, Li said: ""China's support of the EU's financial stabilization measures and its help to certain countries in coping with the sovereign debt crisis are all conducive to promoting full economic recovery and steady growth.""
Spain's central and regional governments and its banks need to raise about 290 billion euros in 2011, including rolling over existing debt, opening the risk of ""funding stress,"" Moody's Investors Service warned last month.
Any bailout for Spain would be far bigger than anything seen to date in Europe -- its economy is twice that of Greece, Ireland and Portugal combined -- and many fear it could force a re-think of the euro.
Spanish public debt rose to 57.7 per cent of gross domestic product at the end of September from 53.2 per cent at the end of 2009.
Spain’s Socialist government has slashed spending and promised to lower the public deficit from 11.1 percent of output in 2009 to 9.3 percent in 2010, and 6.0 percent in 2011.
The Spanish economy, the EU's fifth biggest, slumped into recession during the second half of 2008 as the global financial meltdown compounded the collapse of the once-booming property market.
It emerged with tepid growth of just 0.1 per cent in the first quarter of 2010 and 0.2 per cent in the second but then stalled with zero growth in the third.
----CPC-Repsol ventures
China Petrochemical Corp. and Repsol YPF SA, Spain’s largest oil company, agreed to set up a working group to examine new joint ventures around the world. CPC invested $7.1 billion in a Rapsol unit in Brazil last year.
The state-controlled Sinopec Group’s investment in Repsol was China’s largest overseas oil deal since the refiner acquired Addax Petroleum Corp. for $8.3 billion in 2009 to gain reserves in Iraq’s Kurdistan and West Africa.
Repsol has operations in more than 30 countries, including Argentina, Bolivia, Mexico and Colombia, according to a statement on the company’s website.
China is the world’s biggest consumer of oil with demand expected to rise to 11.63 million b/d by 2015, from 9.16 million last year, according to International Energy Agency.
Photo: Spain's Prime Minister Jose Luis Rodriguez Zapatero (L) shakes hands with China's Vice-Premier Li Keqiang at Madrid's Moncloa Palace January 5, 2011. (Photo: Reuters)