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China–Iceland relations

April 10, 2024

China–Iceland relations formally began on 8 December 1971, when Iceland recognised Beijing.[1] Prior to the signing of a Free Trade Agreement between the two countries in 2013, diplomatic activities between them were relatively few in number.[2][3] However, since this event, political cooperation has increased. There is growing number of economic and cultural ties, as their political partnership has expanded.

China-Iceland relations

China
Iceland
Diplomatic mission
Embassy of China, ReykjavíkEmbassy of the Republic of Iceland, Beijing
Envoy
Zhang KeyuanStefán Skjaldarson

In addition, Iceland is helping to develop China's renewable energy sector.[4][5] Specifically, in the field of geothermal power.[4][5]

History edit

In May 1972, China assigned the first resident ambassador to Iceland.[6]

In 1995, Iceland set up its embassy in Beijing and assigned its first resident ambassador to China.[7]

In December 1995, China resumed the practice of sending resident ambassadors to Iceland (between 1983 and 1995, the Chinese ambassador to Copenhagen, Denmark, was also accredited to Iceland).[7]

In 2005, Iceland was the first country to recognise China as a developed market economy.[8]

In 2010, Enex, an Icelandic firm, signed an agreement on digging for geothermal energy in Inner Mongolia and Shaanxi, China.[9]

In 2011, Chinese tycoon Huang Nubo offered to buy Grímsstaðir in North-East Iceland. The deal fell through.[10]

In 2013, Iceland signed a Free Trade Agreement with China.[11][8]

Economic relations edit

The Free Trade Agreement (FTA) edit

On the 15 April 2013, Iceland and China signed a Free Trade Agreement.[3][12] The agreement was signed by the Minister for Foreign Affairs and External Trade of Iceland, Mr. Össur Skarphéðinsson, and Mr. Gao Hucheng, Minister of Commerce of the People’s Republic of China.[3][12] The negotiations began in 2007 and spanned until 2013.[3] The agreement eventuated after four rounds of talks during 2007–2008, and two rounds in December 2012 and January 2013.[3]

The FTA was China's first with a member state of the European Economic Area.[12][13] It covers trade in goods and services, rules of origin, trade facilitation, intellectual property rights, institutional provisions, dispute settlement, competition and investment.[12][14]

The FTA removed all tariffs on industrial products from China.[12] This accounted for 99% of Chinese exports to Iceland at the time of signing.[12] In addition, tariffs on 7830 tariff lines of Icelandic imports were removed.[12] This accounted for 82% of Icelandic exports to China at the time of signing.[12]

The tariffs on a small class of exports to China will be removed following a transitional period of 5 to 10 years.[12]

Economic Relations Prior to Agreement edit

Trade between Iceland and China prior to the FTA was small in scale.[1][14] In 2011, less than 1% of Iceland's total export went to China, and more than 7% of Iceland's imports came from China.[12] The trade balance was in favour of China.[1] From 1999 to 2011, exports from Iceland to China grew by 1.400%, while Icelandic imports from China grew by 1.000%.[1][12] The majority of trade between the two nations consisted of seafood products, as it accounted for 94.3% of Icelandic exports to China between 2009 and 2011.[14][12]

Trade was progressively increasing.[1][12][14] During the period of 2011 to 2012, Icelandic exports to China increased by 41%, reaching $USD 61.2 million.[14] In the same time period, Icelandic imports from China increased by 84%, reaching $USD 340.8 million.[14] In 2012, China ranked fourth in imports into Iceland and was its largest trading partner in Asia.[14] In addition, China ranked nineteenth in Iceland's export market.[14]

Cultural Relations edit

Tourism edit

 
Number of Chinese tourists that travelled to Iceland between 2010 and 2019.

Chinese tourism to Iceland is a nascent, but growing sector.[15][16] In 2006, Chinese tourists accounted for 1.1% of Iceland's total international visitors.[1][16] There were an estimated 10,000 Chinese tourists to the country that year.[1] Tourism numbers began to noticeably rise in 2015, as 47,643 Chinese people visited Iceland.[17][16] The following year this number increased by 40%, and in 2017 it increased by 80%.[17][16] By 2019, a little less than 100,000 Chinese tourists visited Iceland.[16][17] That is 10 times more than the number that visited in 2006.[1] Chinese tourists made up 5% of Iceland's total international visitors for that year.[16][17]

Þórhallsdóttir and Ólafsson have theorised this rapid growth in tourism was due to recent events where Iceland received significant media attention.[16][18] The first of which occurred in 2008, as Iceland economic collapse devaluated its currency making it a less expensive place to travel.[16][18] The second event was the eruption of Eyjafjallajökull in 2010.[16][18] Delays and cancellations of flights all over the world, boosted Iceland's international profile.[18] In addition, in the wake of the eruption, the government launch a tourism campaign called Inspired by Iceland.[16][19] The campaign was run by Promote Iceland and aimed to assure people that Iceland was still a safe place to travel.[16][19]

Education edit

On 13 May 2019, an agreement of mutual recognition of higher education between Iceland and China was signed.[20][21] The agreement was signed by Lilja Alfreðsdóttir, Minister of Education and Culture in Iceland, and Chen Baosheng, Minister of Education of China.[20][22] The aim of the agreement was to facilitate student exchanges and strengthen language education.[20][22] Prior to the agreement, about 30 Icelanders studied abroad in China, and more than 30 Chinese students studied in Iceland every year.[20] The agreement intends to increase access and flow between international universities, as the University of Iceland has entered into exchange program agreements with 15 universities in China.[20]

The University of Iceland has a School of Asian Studies, in which Chinese language courses are offered.[20][22][21] In addition, since 2006, the Beijing International Studies University has offered Icelandic language courses.[21][23]

Science edit

In October 2018, the China Iceland Arctic Research Observatory was officially opened.[24][25] It is a joint project between Aurora Observatory (AO), an Icelandic non-profit foundation, and the Polar Research Institute of China (PRIC).[24] It is located in Kárhóll.[24] Initially, it was intended to be used for aurora and upper atmosphere research.[24][25][26] Now, it is also being used to research satellite remote sensing.[25][26]

China Iceland Cultural Fund edit

In 2010, Huang Nubo founded the China Iceland Cultural Fund.[26][27] The foundation was based in China.[28] Huang was the chairman of the board that consisted of the Icelandic ambassador to China, Kristín A. Árnadóttir, and the director of Beijing University's Poetry Center, Professor Xie Mian.[28] The purpose of the foundation was to support cultural collaborations between the two countries, with particular emphasis on the field of literature.[29] It was intended to operate for 10 years.[28][29] During this time, Huang guaranteed to contribute $USD 1 million to the fund.[26][27][28][29] The fund was responsible for hosting several Chinese-Icelandic poetry festivals.[28] These festivals were held in both Iceland and China.[28]

Geopolitical Strategy edit

 
The Chinese embassy in Reykjavík

Embassies edit

In 1995, Iceland opened an embassy in Beijing.[6] This was Iceland's first diplomatic mission in Asia.[6] It is serves as a key base for their diplomatic relations in Asia, as Mongolia, North Korea, South Korea, Cambodia, Laos, Thailand and Vietnam are also all under the jurisdiction of this embassy.[6]

China have an embassy in Iceland.[30][25] It is four storeys tall, and can hold approximately 500 personnel.[25] There are officially 5 Chinese diplomats accredited to Iceland.[25]

The Global Financial Crisis edit

In December 2008, Chinese fireworks providers agreed to defer payment for their annual shipment to Reykjavik.[1][31] This reflected favourably on China, as gamlárskvöld (New Year's Eve) celebrations were able to proceed as scheduled.[1][31]

China helped Iceland recover from their economic collapse in 2008.[32] Icelandic President, Ólafur Ragnar Grímsson, remarked about geo-political relations towards Iceland during this time, “China and India lent a helping hand to Iceland in many constructive ways, while Europe was unfriendly and the U.S. was absent”.[33][32]

On June 9, 2010, the Central Bank of Iceland and the People's Bank of China signed a three-year bilateral currency swap agreement.[32][34] This amounted to over $USD 480 million.[32][34] This currency swap was renewed again in 2013 and 2016.[34]

Memorandum of Understanding (MoU) edit

In 2012, Iceland was the first stop on Premier Wen Jiabao diplomatic tour of Europe.[12][35] On 20 April 2012, during his visit, Prime Minister, Jóhanna Sigurðardóttir, and Premier Jiabao presided over the signing of a Memorandum of Understanding between the two countries.[12][35] It consisted of the following business and bilateral agreements:

  • Framework agreement on Arctic Cooperation
  • MoU between the Chinese Ministry of Land Resources on Geothermal and Geosciences Cooperation and Icelandic Foreign Ministry
  • Letter of Intent between the Government of Iceland and China National Blue Star Group on two projects in Iceland
  • Framework Agreement between China Petrochemical and Orka Energy Ltd
  • Sinopec agreed to join the Expansion of Geothermal Development Scope and Cooperation
  • MoU between Promote Iceland and China Development Bank on Planning Consultancy Cooperation[12][35]

The Belt and Road Initiative edit

On 2 February 2018, Jin Zhijian, the Chinese ambassador to Iceland, encouraged Iceland to join the Belt and Road Initiative.[36]

In September 2019, during an official visit to Iceland, U.S. vice president, Mike Pence, congratulated Iceland for rejecting the offer to join the Belt and Road Initiative. He said “the United States is grateful for the stand Iceland took rejecting China's Belt and Road financial investment in Iceland.”[37][38] At this time there has been no official statement released by the Icelandic government about its decision to participate in the Belt and Road Initiative.[25] The Icelandic Prime Minister, Katrín Jakobsdóttir, corrected the statement made by Vice President Pence.[38] It was stated that the Icelandic government was still considering whether to join the Belt and Road Initiative, but had not yet “opened up for it.”[25][38]

Arctic Circle edit

On the same day that the FTA with was signed with China, President Grímsson founded the Arctic Circle.[13][25][39][40] This is a nonprofit and nonpartisan organisation that facilitates dialogue and cooperation around issues of Arctic governance.[39][13] China was one of the first countries invited to join the organisation.[25][39][40]

In May 2019, China held an Arctic Circle Forum in Shanghai.[41] The forum was organised by the Ministry of Natural Resources of the People's Republic of China, in consultation with the Ministry of Foreign Affairs of the People's Republic of China.[41] Significant discussion was directed towards Arctic involvement in the Belt and Road Initiative, as well as renewable energy projects.[41]

The Arctic Council edit

On 15 May 2013, China was officially granted observer status of the Arctic Council.[42][43][44] There are 8 Arctic states and 13 observer states on this committee.[44] All are allowed to participate in determining the future of policy in the northern polar region.[42][43][44]

Chinese Property Investment edit

In August 2011, Chinese real estate developer, Huang Nubo, and the Chinese Investment Group, Zhongkun, offered $USD 8.8 million to buy 300 square kilometres of Icelandic land.[32][45][15][46][47] This would have granted them ownership of 0.3% of the country's land mass.[47][48] The location of interest was a remote, farmland location in northwest of Iceland – Grímsstaðir á Fjöllum.[45][32][15][47] They had planned to invest $USD 200 million into the area in order to build a luxury hotel, spa and golf resort.[15][49][48] This resort was to be linked to two national parks – Vatnajokull and Jokulsargljufur.[32][49]

The offer was rejected by the government because, under Icelandic law, entities from outside the European Economic Area are prohibited from purchasing land.[15][48] The Icelandic interior minister, Ögmundur Jónasson and the figure responsible for making the decision, was suspicious of the offer.[45][47][46] He stated that “China has been very active in buying up land around the world so we need to be aware of the international ramifications.”[32][45][46][49]

Energy Relations edit

Business Partnerships edit

 
Geothermal power plant in Iceland

In 2006, Iceland's largest geothermal company, Orka Energy, and Sinopec (China Petroleum & Chemical Corporation) partnered in a joint venture called Shaanxi Green Energy Geothermal Development (SGE).[1][12][25] Sinopec owned 51% of SGE, and Orka Energy owned 49%.[1][12][25] The first project of SGE was to develop a geothermal heating system in Xianyang.[1] The aim was to expand its central heating system by 1500%, reaching 100 million square meters by 2020.[1][12] In addition, SGE has agreed to future projects in Hebei and Shandong provinces.[12] As of 2019, SGE was the world's largest geothermal district heating company.[50]

In 2010, Geysir Green Energy and Star Petroleum Company (Sinopec subsidiary) signed a framework agreement to establish the Sino-Icelandic Green Energy Geothermal Development Corporation.[51] The goal of this new corporation was to further develop China's geothermal district heating services.[51]

In 2018, the Asian Development Bank loaned $USD 250 million to the Arctic Green Energy Corporation and Sinopec for the development of geothermal resources in China.[25][52]

In February 2019, the Beijing Research Institute of Uranium Geology (BRIUG) and Arctic Green Energy signed a MoU that formalised their cooperation in geothermal exploration and application.[53][54] The MoU had a specific focus on high-temperature geothermal fields in China with the aim of developing projects that allow for electric power generation.[53][54]

Technical Education edit

By 2007, Chinese students had participated more than any other nation in the United Nations University Geothermal Training Programs in Reykjavik.[1][55] In total, approximately 90 students had taken part.[1][55]

In 2019, the Chinese National Energy Agency and Arctic Green Energy signed a cooperation agreement to begin a geothermal training program in China.[56] The program is operated under the supervision of the National Energy Authority.[56] The program centre is located in Beijing.[56] It accepts up to 150 university educated students a year.[56] In comparison to the United Nations program in Iceland that accepts a maximum of 35 students.[1][56]

Oil and Gas edit

In October 2013, China National Offshore Oil Corporation (CNOOC), Eykon Energy and Petoro Iceland agreed upon a joint venture.[57][58][59] This allowed them to obtain a license to explore for oil and gas within the Dreki region of the North Atlantic.[57][59][60] CNOOC had the majority ownership of the project, as it held a 60% share.[57][58][59] In January 2018, CNOOC announced that it would not renew its exploration licence due to insufficient evidence of potential fossil fuels and the hazardous environmental conditions of the area.[57][61]

Another of site of interest is Gammur.[58][60] CNOOC has made it evident that it would participate in development bids for the area.[58] However, this is dependent upon government approval.[58] CNOOC is awaiting authorisation that would allow for a strategic environmental assessment of Gammur.[58][60]

See also edit

References edit

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April 10, 2024
china, iceland, relations, formally, began, december, 1971, when, iceland, recognised, beijing, prior, signing, free, trade, agreement, between, countries, 2013, diplomatic, activities, between, them, were, relatively, number, however, since, this, event, poli. China Iceland relations formally began on 8 December 1971 when Iceland recognised Beijing 1 Prior to the signing of a Free Trade Agreement between the two countries in 2013 diplomatic activities between them were relatively few in number 2 3 However since this event political cooperation has increased There is growing number of economic and cultural ties as their political partnership has expanded China Iceland relationsChina IcelandDiplomatic missionEmbassy of China ReykjavikEmbassy of the Republic of Iceland BeijingEnvoyZhang KeyuanStefan SkjaldarsonIn addition Iceland is helping to develop China s renewable energy sector 4 5 Specifically in the field of geothermal power 4 5 Contents 1 History 2 Economic relations 2 1 The Free Trade Agreement FTA 2 2 Economic Relations Prior to Agreement 3 Cultural Relations 3 1 Tourism 3 2 Education 3 3 Science 3 4 China Iceland Cultural Fund 4 Geopolitical Strategy 4 1 Embassies 4 2 The Global Financial Crisis 4 3 Memorandum of Understanding MoU 4 4 The Belt and Road Initiative 4 5 Arctic Circle 4 6 The Arctic Council 4 7 Chinese Property Investment 5 Energy Relations 5 1 Business Partnerships 5 2 Technical Education 5 3 Oil and Gas 6 See also 7 ReferencesHistory editIn May 1972 China assigned the first resident ambassador to Iceland 6 In 1995 Iceland set up its embassy in Beijing and assigned its first resident ambassador to China 7 In December 1995 China resumed the practice of sending resident ambassadors to Iceland between 1983 and 1995 the Chinese ambassador to Copenhagen Denmark was also accredited to Iceland 7 In 2005 Iceland was the first country to recognise China as a developed market economy 8 In 2010 Enex an Icelandic firm signed an agreement on digging for geothermal energy in Inner Mongolia and Shaanxi China 9 In 2011 Chinese tycoon Huang Nubo offered to buy Grimsstadir in North East Iceland The deal fell through 10 In 2013 Iceland signed a Free Trade Agreement with China 11 8 Economic relations editThe Free Trade Agreement FTA edit On the 15 April 2013 Iceland and China signed a Free Trade Agreement 3 12 The agreement was signed by the Minister for Foreign Affairs and External Trade of Iceland Mr Ossur Skarphedinsson and Mr Gao Hucheng Minister of Commerce of the People s Republic of China 3 12 The negotiations began in 2007 and spanned until 2013 3 The agreement eventuated after four rounds of talks during 2007 2008 and two rounds in December 2012 and January 2013 3 The FTA was China s first with a member state of the European Economic Area 12 13 It covers trade in goods and services rules of origin trade facilitation intellectual property rights institutional provisions dispute settlement competition and investment 12 14 The FTA removed all tariffs on industrial products from China 12 This accounted for 99 of Chinese exports to Iceland at the time of signing 12 In addition tariffs on 7830 tariff lines of Icelandic imports were removed 12 This accounted for 82 of Icelandic exports to China at the time of signing 12 The tariffs on a small class of exports to China will be removed following a transitional period of 5 to 10 years 12 Economic Relations Prior to Agreement edit Trade between Iceland and China prior to the FTA was small in scale 1 14 In 2011 less than 1 of Iceland s total export went to China and more than 7 of Iceland s imports came from China 12 The trade balance was in favour of China 1 From 1999 to 2011 exports from Iceland to China grew by 1 400 while Icelandic imports from China grew by 1 000 1 12 The majority of trade between the two nations consisted of seafood products as it accounted for 94 3 of Icelandic exports to China between 2009 and 2011 14 12 Trade was progressively increasing 1 12 14 During the period of 2011 to 2012 Icelandic exports to China increased by 41 reaching USD 61 2 million 14 In the same time period Icelandic imports from China increased by 84 reaching USD 340 8 million 14 In 2012 China ranked fourth in imports into Iceland and was its largest trading partner in Asia 14 In addition China ranked nineteenth in Iceland s export market 14 Cultural Relations editTourism edit nbsp Number of Chinese tourists that travelled to Iceland between 2010 and 2019 Chinese tourism to Iceland is a nascent but growing sector 15 16 In 2006 Chinese tourists accounted for 1 1 of Iceland s total international visitors 1 16 There were an estimated 10 000 Chinese tourists to the country that year 1 Tourism numbers began to noticeably rise in 2015 as 47 643 Chinese people visited Iceland 17 16 The following year this number increased by 40 and in 2017 it increased by 80 17 16 By 2019 a little less than 100 000 Chinese tourists visited Iceland 16 17 That is 10 times more than the number that visited in 2006 1 Chinese tourists made up 5 of Iceland s total international visitors for that year 16 17 THorhallsdottir and olafsson have theorised this rapid growth in tourism was due to recent events where Iceland received significant media attention 16 18 The first of which occurred in 2008 as Iceland economic collapse devaluated its currency making it a less expensive place to travel 16 18 The second event was the eruption of Eyjafjallajokull in 2010 16 18 Delays and cancellations of flights all over the world boosted Iceland s international profile 18 In addition in the wake of the eruption the government launch a tourism campaign called Inspired by Iceland 16 19 The campaign was run by Promote Iceland and aimed to assure people that Iceland was still a safe place to travel 16 19 Education edit On 13 May 2019 an agreement of mutual recognition of higher education between Iceland and China was signed 20 21 The agreement was signed by Lilja Alfredsdottir Minister of Education and Culture in Iceland and Chen Baosheng Minister of Education of China 20 22 The aim of the agreement was to facilitate student exchanges and strengthen language education 20 22 Prior to the agreement about 30 Icelanders studied abroad in China and more than 30 Chinese students studied in Iceland every year 20 The agreement intends to increase access and flow between international universities as the University of Iceland has entered into exchange program agreements with 15 universities in China 20 The University of Iceland has a School of Asian Studies in which Chinese language courses are offered 20 22 21 In addition since 2006 the Beijing International Studies University has offered Icelandic language courses 21 23 Science edit In October 2018 the China Iceland Arctic Research Observatory was officially opened 24 25 It is a joint project between Aurora Observatory AO an Icelandic non profit foundation and the Polar Research Institute of China PRIC 24 It is located in Karholl 24 Initially it was intended to be used for aurora and upper atmosphere research 24 25 26 Now it is also being used to research satellite remote sensing 25 26 China Iceland Cultural Fund edit In 2010 Huang Nubo founded the China Iceland Cultural Fund 26 27 The foundation was based in China 28 Huang was the chairman of the board that consisted of the Icelandic ambassador to China Kristin A Arnadottir and the director of Beijing University s Poetry Center Professor Xie Mian 28 The purpose of the foundation was to support cultural collaborations between the two countries with particular emphasis on the field of literature 29 It was intended to operate for 10 years 28 29 During this time Huang guaranteed to contribute USD 1 million to the fund 26 27 28 29 The fund was responsible for hosting several Chinese Icelandic poetry festivals 28 These festivals were held in both Iceland and China 28 Geopolitical Strategy edit nbsp The Chinese embassy in ReykjavikEmbassies edit In 1995 Iceland opened an embassy in Beijing 6 This was Iceland s first diplomatic mission in Asia 6 It is serves as a key base for their diplomatic relations in Asia as Mongolia North Korea South Korea Cambodia Laos Thailand and Vietnam are also all under the jurisdiction of this embassy 6 China have an embassy in Iceland 30 25 It is four storeys tall and can hold approximately 500 personnel 25 There are officially 5 Chinese diplomats accredited to Iceland 25 The Global Financial Crisis edit In December 2008 Chinese fireworks providers agreed to defer payment for their annual shipment to Reykjavik 1 31 This reflected favourably on China as gamlarskvold New Year s Eve celebrations were able to proceed as scheduled 1 31 China helped Iceland recover from their economic collapse in 2008 32 Icelandic President olafur Ragnar Grimsson remarked about geo political relations towards Iceland during this time China and India lent a helping hand to Iceland in many constructive ways while Europe was unfriendly and the U S was absent 33 32 On June 9 2010 the Central Bank of Iceland and the People s Bank of China signed a three year bilateral currency swap agreement 32 34 This amounted to over USD 480 million 32 34 This currency swap was renewed again in 2013 and 2016 34 Memorandum of Understanding MoU edit In 2012 Iceland was the first stop on Premier Wen Jiabao diplomatic tour of Europe 12 35 On 20 April 2012 during his visit Prime Minister Johanna Sigurdardottir and Premier Jiabao presided over the signing of a Memorandum of Understanding between the two countries 12 35 It consisted of the following business and bilateral agreements Framework agreement on Arctic Cooperation MoU between the Chinese Ministry of Land Resources on Geothermal and Geosciences Cooperation and Icelandic Foreign Ministry Letter of Intent between the Government of Iceland and China National Blue Star Group on two projects in Iceland Framework Agreement between China Petrochemical and Orka Energy Ltd Sinopec agreed to join the Expansion of Geothermal Development Scope and Cooperation MoU between Promote Iceland and China Development Bank on Planning Consultancy Cooperation 12 35 The Belt and Road Initiative edit On 2 February 2018 Jin Zhijian the Chinese ambassador to Iceland encouraged Iceland to join the Belt and Road Initiative 36 In September 2019 during an official visit to Iceland U S vice president Mike Pence congratulated Iceland for rejecting the offer to join the Belt and Road Initiative He said the United States is grateful for the stand Iceland took rejecting China s Belt and Road financial investment in Iceland 37 38 At this time there has been no official statement released by the Icelandic government about its decision to participate in the Belt and Road Initiative 25 The Icelandic Prime Minister Katrin Jakobsdottir corrected the statement made by Vice President Pence 38 It was stated that the Icelandic government was still considering whether to join the Belt and Road Initiative but had not yet opened up for it 25 38 Arctic Circle edit On the same day that the FTA with was signed with China President Grimsson founded the Arctic Circle 13 25 39 40 This is a nonprofit and nonpartisan organisation that facilitates dialogue and cooperation around issues of Arctic governance 39 13 China was one of the first countries invited to join the organisation 25 39 40 In May 2019 China held an Arctic Circle Forum in Shanghai 41 The forum was organised by the Ministry of Natural Resources of the People s Republic of China in consultation with the Ministry of Foreign Affairs of the People s Republic of China 41 Significant discussion was directed towards Arctic involvement in the Belt and Road Initiative as well as renewable energy projects 41 The Arctic Council edit On 15 May 2013 China was officially granted observer status of the Arctic Council 42 43 44 There are 8 Arctic states and 13 observer states on this committee 44 All are allowed to participate in determining the future of policy in the northern polar region 42 43 44 Chinese Property Investment edit In August 2011 Chinese real estate developer Huang Nubo and the Chinese Investment Group Zhongkun offered USD 8 8 million to buy 300 square kilometres of Icelandic land 32 45 15 46 47 This would have granted them ownership of 0 3 of the country s land mass 47 48 The location of interest was a remote farmland location in northwest of Iceland Grimsstadir a Fjollum 45 32 15 47 They had planned to invest USD 200 million into the area in order to build a luxury hotel spa and golf resort 15 49 48 This resort was to be linked to two national parks Vatnajokull and Jokulsargljufur 32 49 The offer was rejected by the government because under Icelandic law entities from outside the European Economic Area are prohibited from purchasing land 15 48 The Icelandic interior minister Ogmundur Jonasson and the figure responsible for making the decision was suspicious of the offer 45 47 46 He stated that China has been very active in buying up land around the world so we need to be aware of the international ramifications 32 45 46 49 Energy Relations editBusiness Partnerships edit nbsp Geothermal power plant in IcelandIn 2006 Iceland s largest geothermal company Orka Energy and Sinopec China Petroleum amp Chemical Corporation partnered in a joint venture called Shaanxi Green Energy Geothermal Development SGE 1 12 25 Sinopec owned 51 of SGE and Orka Energy owned 49 1 12 25 The first project of SGE was to develop a geothermal heating system in Xianyang 1 The aim was to expand its central heating system by 1500 reaching 100 million square meters by 2020 1 12 In addition SGE has agreed to future projects in Hebei and Shandong provinces 12 As of 2019 SGE was the world s largest geothermal district heating company 50 In 2010 Geysir Green Energy and Star Petroleum Company Sinopec subsidiary signed a framework agreement to establish the Sino Icelandic Green Energy Geothermal Development Corporation 51 The goal of this new corporation was to further develop China s geothermal district heating services 51 In 2018 the Asian Development Bank loaned USD 250 million to the Arctic Green Energy Corporation and Sinopec for the development of geothermal resources in China 25 52 In February 2019 the Beijing Research Institute of Uranium Geology BRIUG and Arctic Green Energy signed a MoU that formalised their cooperation in geothermal exploration and application 53 54 The MoU had a specific focus on high temperature geothermal fields in China with the aim of developing projects that allow for electric power generation 53 54 Technical Education edit By 2007 Chinese students had participated more than any other nation in the United Nations University Geothermal Training Programs in Reykjavik 1 55 In total approximately 90 students had taken part 1 55 In 2019 the Chinese National Energy Agency and Arctic Green Energy signed a cooperation agreement to begin a geothermal training program in China 56 The program is operated under the supervision of the National Energy Authority 56 The program centre is located in Beijing 56 It accepts up to 150 university educated students a year 56 In comparison to the United Nations program in Iceland that accepts a maximum of 35 students 1 56 Oil and Gas edit In October 2013 China National Offshore Oil Corporation CNOOC Eykon Energy and Petoro Iceland agreed upon a joint venture 57 58 59 This allowed them to obtain a license to explore for oil and gas within the Dreki region of the North Atlantic 57 59 60 CNOOC had the majority ownership of the project as it held a 60 share 57 58 59 In January 2018 CNOOC announced that it would not renew its exploration licence due to insufficient evidence of potential fossil fuels and the hazardous environmental conditions of the area 57 61 Another of site of interest is Gammur 58 60 CNOOC has made it evident that it would participate in development bids for the area 58 However this is dependent upon government approval 58 CNOOC is awaiting authorisation that would allow for a strategic environmental assessment of Gammur 58 60 See also editIceland ChinaReferences edit a b c d e f g h i j k l m n o p q Lanteigne M 2010 Northern Exposure Cross Regionalism and the China Iceland Preferential Trade Negotiations The China Quarterly 202 362 380 Retrieved April 22 2021 from http www jstor org stable 20749383 Embassy of the People s Republic of China in Iceland 2019 Sino Icelandic Economic and Trade Relationship Retrieved from http is china embassy org eng zbgx jmgx t1653166 htm a b c d e Government of Iceland 2013 FREE TRADE AGREEMENT BETWEEN ICELAND AND CHINA Retrieved from https www government is media utanrikisraduneyti media media fta kina China fact sheet enska 15042013 Final pdf a b Xia Liangyu Zhang Yabo 2019 09 01 An overview of world geothermal power generation and a case study on China The resource and market perspective Renewable and Sustainable Energy Reviews 112 411 423 doi 10 1016 j rser 2019 05 058 ISSN 1364 0321 S2CID 198483260 a b Hou Jianchao Cao Mengchao Liu Pingkuo 2018 09 01 Development and utilization of geothermal energy in China Current practices and future strategies Renewable Energy 125 401 412 doi 10 1016 j renene 2018 02 115 ISSN 0960 1481 S2CID 117215146 a b c d Embassy Information www government is Retrieved 2022 12 27 a b Economic and Commercial Office of the Embassy of the People s Republic of China in the Republic of Iceland 2004 Bilateral Relations Retrieved from http is2 mofcom gov cn article bilateralcooperation inbrief 200411 20041100003919 shtml a b Nielsson Egill Thor Hauksdottir Gudbjorg Rikey Th 2020 02 12 Kina investeringer og sikkerhetspolitikk Politikk og perspektiver i Norden Island Internasjonal Politikk in Norwegian Bokmal 78 1 68 78 doi 10 23865 intpol v78 2075 ISSN 1891 1757 S2CID 213939935 IPS Lowana Veal for 2010 10 12 Iceland banks on geothermal for economic expansion the Guardian Retrieved 2022 12 27 Hands off our wilderness The Economist ISSN 0013 0613 Retrieved 2022 12 27 Iceland Is First in Europe to Sign Free Trade Pact With China Bloomberg com 2013 04 15 Retrieved 2022 12 27 a b c d e f g h i j k l m n o p q r s t Jonsson O D Hannibalsson I amp Yang L 2013 A bilateral free trade agreement between China and Iceland In Institute of Social Science Eds THjodarspegil s Abstract Book XIV pp 13 20 Reykjavik University of Iceland a b c Steinveg B 2021 The role of conferences within Arctic governance Polar Geography 44 1 37 54 doi 10 1080 1088937X 2020 1798540 a b c d e f g h Ministry of Foreign Affairs 2013 Fact Sheet on Iceland China Free Trade Agreement Retrieved from https www government is media utanrikisraduneyti media media fta kina China fact sheet enska 15042013 Final pdf a b c d e Huijbens E amp Alessio D 2015 Arctic concessions and icebreaker diplomacy Chinese tourism development in Iceland Current Issues in Tourism 18 5 433 449 doi 10 1080 13683500 2013 837867 a b c d e f g h i j k Yingying X 2020 Chinese tourists in Iceland Motivation and satisfaction Unpublished master s thesis University of Iceland Reykjavik a b c d Icelandic Tourism Board 2020 Ferdamalastofa Icelandic Tourist Board Around 200 million Tourists in 2019 Retrieved from https www ferdamalastofa is is umferdamalastofu frettir category 1 taeplega 2 milljonir farthega 2019 a b c d THorhallsdottir Gyda olafsson Rognvaldur 2017 A method to analyse seasonality in the distribution of tourists in Iceland Journal of Outdoor Recreation and Tourism 19 17 24 doi 10 1016 j jort 2017 05 001 a b View all agencies Creativebrief Stay Connected Creativebrief Retrieved 2022 12 27 a b c d e f Merkur afangi i samskiptum Islands og Kina gagnkvaem vidurkenning haskolanams www stjornarradid is in Icelandic Retrieved 2023 08 15 a b c Ciric Jelena 2019 05 13 Iceland and China Facilitate Student Exchange Iceland Review Retrieved 2023 08 15 a b c Faculty of Languages and Cultures University of Iceland english hi is Retrieved 2023 08 15 Peking University 2021 School of Foreign Languages Retrieved from http www isd pku edu cn info 1457 2612 htm a b c d China Iceland Arctic Research Observatory INTERACT Retrieved 2022 12 27 a b c d e f g h i j k l m Dams T Schaik L amp Stoetman A 2020 Iceland what is China doing there and why In P V Ham Ed Presence Before Power China s Arctic strategy in Iceland and Greenland pp 20 28 Netherlands Clingendael a b c d Loftsdottir K 2014 The Enemy Outside and Within The Crisis and Imagining the Global in Iceland In K Loftsdottir amp L Jensen Eds Crisis in the Nordic Nations and Beyond At the Intersection of Environment Finance and Multiculturalism pp 161 181 New York Routledge a b Taylor M 2014 Speed Limits Where Time Went and Why We Have So Little Left London Yale University Press a b c d e f Chinese Icelandic Poetry Festival Coming Up Iceland Review 2011 10 21 Retrieved 2023 08 15 a b c China Iceland Cultural Fund Established Iceland Review 2010 07 07 Retrieved 2023 08 15 EMBASSY OF THE PEOPLE S REPUBLIC OF CHINA IN THE REPUBLIC OF ICELAND ALL RIGHTS RESERVED is china embassy gov cn Retrieved 2022 12 27 a b Sigtryggsson E 2008 October 22 Kaupa minna magn flugelda Buy fewer fireworks Morgunbladid a b c d e f g h Sakhuja V 2011 China s Arctic Calculus and Iceland SSPC Issue Brief 3 3 8 https www sspconline org sites default files IssueBrief3 pdf Chinese investment nothing to fear Grimsson China org cn www china org cn Retrieved 2022 12 27 a b c Lin Zhitao Zhan Wenjie Cheung Yin Wong 2016 China s Bilateral Currency Swap Lines PDF China amp World Economy 24 6 19 42 doi 10 1111 cwe 12179 S2CID 155496095 a b c Review Iceland 2012 04 23 Successful Visit by Chinese Head of State in Iceland Iceland Review Retrieved 2022 12 27 Zhijian J 2018 Remarks by H E Ambassador JIN Zhijian at the Reception Upon Assuming the Post and Celebrations of Chinese New Year Retrieved from http is china embassy org eng zbgx rwjl t1536495 htm Remarks by the Vice President in a Press Gaggle in Reykjavik Iceland The American Presidency Project www presidency ucsb edu Retrieved 2022 12 27 a b c Jarmuth Anna 2019 12 04 Pressure in the Arctic China Iceland Relations with U S China Rivalry Institute for Security and Development Policy Retrieved 2022 12 27 a b c Arctic Circle www arcticcircle org Retrieved 2022 12 27 a b Mariia Kobzeva 2019 China s Arctic policy Present and future The Polar Journal 9 94 112 doi 10 1080 2154896X 2019 1618558 hdl 10037 17811 S2CID 195551043 a b c Arctic Circle 2019 China Retrieved from http www arcticcircle org forums china a b Stephen Matthew D Stephen Kathrin 2020 The Integration of Emerging Powers into Club Institutions China and the Arctic Council Global Policy 11 S3 51 60 doi 10 1111 1758 5899 12834 hdl 10419 228464 ISSN 1758 5880 S2CID 228896972 a b China wins observer status in Arctic Council Financial Times 2013 05 15 Retrieved 2022 12 27 a b c People s Republic of China Arctic Council Retrieved 2022 12 27 a b c d China s Huang Nubo seeks Iceland land for eco resort BBC News 2011 08 30 Retrieved 2022 12 27 a b c Chinese tycoon seeks to buy tract of Iceland Financial Times www ft com Retrieved 2023 08 15 a b c d Hastings Jesse Guite 2014 The rise of Asia in a changing Arctic A view from Iceland Polar Geography 37 3 215 233 doi 10 1080 1088937X 2014 934315 S2CID 128943766 a b c Skoba L 2013 China Iceland Free Trade Agreement Retrieved from https www europarl europa eu RegData bibliotheque briefing 2013 130631 LDM BRI 2013 130631 REV1 EN pdf a b c Friedman Uri 2011 08 30 Chinese Investor Finds It Isn t Easy to Buy Part of Iceland The Atlantic Retrieved 2022 12 27 admin Our Projects Arctic Green Energy Retrieved 2022 12 27 a b Hastings Jesse Guite 2014 The rise of Asia in a changing Arctic A view from Iceland Polar Geography 37 3 215 233 doi 10 1080 1088937X 2014 934315 S2CID 128943766 Kottasova Ivana 2018 09 27 Iceland is bringing geothermal heating to China CNN Business CNN Retrieved 2022 12 27 a b admin Arctic Green Energy And Beijing Research Institute Of Uranium Geology Sign An MOU Arctic Green Energy Retrieved 2022 12 27 a b GeoEnergy Think 2019 02 23 Icelandic Chinese partnership signed for geothermal power development in China ThinkGeoEnergy Geothermal Energy News Retrieved 2022 12 27 a b The United Nations University 2006 Geochemical study of the Xianyang low temperature geothermal field Shaanxi province China No 22 Reykjavik Iceland Geothermal Training Programme a b c d e Iceland to help establish Geothermal Training Program in China ThinkGeoEnergy Geothermal Energy News 2019 05 26 Retrieved 2023 08 15 a b c d Circle Over the 2018 01 24 Stumbling Block China Iceland Oil Exploration Reaches an Impasse Over the Circle Retrieved 2022 12 27 a b c d e f China Iceland and the Arctic thediplomat com Retrieved 2022 12 27 a b c Einarsson S Hannibalsson I amp Bailes A 2014 Chinese Investment and Icelandic National Security In Institute of Social Science Eds THjodarspegil s Abstract Book XV pp 2 12 Reykjavik University of Iceland a b c Exploration Areas National Energy Authority of Iceland Retrieved 2022 12 27 Oil exploration in Icelandic waters comes to an end Too expensive and too risky Icelandmag Retrieved 2022 12 27 Portals nbsp Politics nbsp China nbsp Iceland Retrieved from https en wikipedia org w index php title China Iceland relations amp oldid 1193479226, wikipedia, wiki, book, books, library,

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