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Recovery

Before the pandemic, the Portuguese economy grew at a faster pace than the eurozone and the country ranked 28 on the list of wealthiest nations, despite its low rates in advanced education (50% of the population has only primary education; the highest percentage in Europe!) and average income (807 euro/month).

When the Chinese president Xi Jinping visited Portugal 18 months ago, the country willingly signed a multitude of cooperation agreements. At that time the socialist minority administration felt positive about the so-called ‘new Silk Route’.

In the meantime, its ‘golden visa program’ had opened the floodgates to Chinese buying up all sorts of property, banks, hotels and insurance companies.

But the tide has turned. The current public health crisis will drive a contraction in real GDP, and the long-lasting impact of the coronavirus on tourism will prevent a quick recovery in 2021.

An important economic lesson learnt, is to reduce dependence on imports from China. ‘This is the moment for Portugal to return to producing much of what we have been habitually importing’, Prime Minister António Costa declared.

To support the economy and prevent a debt crisis, Portugal can get 26.361 billion euros – 15.526 billion in grants and 10.835 billion in loans – from the European Economic Recovery Fund.

In order to access these funds, the country has to commit to the implementation of a reform plan program approved by the European Commission and the majority of the EU Council.


The government intends to use these assets to decarbonize the economy and reduce the imports of natural gas by developing an industry around hydrogen.
A European hub of ‘green energy’ (so-called because it is produced from renewable energy) close to Sines, one of the country’s major ports.

Sines is the perfect choice with its coal and oil-fired plants being disabled, and the network of existing gas pipelines 70% ready to distribute hydrogen. ‘Green hydrogen will be very cheap to produce and boost qualified employment’, says João Pedro MatosFernandes, the Minister for the Environment and Energetic transition  

Another strategy to overcome the economic crisis caused by the pandemic, is to transform the country into ‘a cluster of industrialisation’, explains Minister of Foreign Affairs Augusto Santos Silva. ‘Portugal wants to be at Europe’s reindustrialisation forefront. We are talking here about textiles, clothing, shoes but also engineering, pharmaceuticals and agrifoods’.

He stressed that the country has important assets it can use like, qualified human resources, low wages, technology, quality of services and dominance in renewable energies.

Stay healthy        Fique saudavel            (pic Público/Sapo)














Tea

The Chinese leaf that conquered the world

There are roughly two ways to say tea in the world. One is like the English expression – thee in Dutch, tee in German or thé in French. The other is a variation of cha – chay in Russian, chai in Swahili or shay in Arabic. Both variations come from China. The words that sound like cha spread across the land, the tea saying spread over water.

The term cha – Chinese for tea – originates from central China and made its way through Asia – along the Silk Road over 2000 years ago – becoming chay in Hindi and Persian.
But the Chinese character for cha is pronounced as te in the Min Nan variety of Chinese, spoken in the coastal province of Fujian.
This te form spread to Europe via the Dutch East Indian Company, who became the primary traders of tea between Europe and China in the 17th century.

Yet the Dutch were not the first in Asia. That privilege belonged to the Portuguese, who didn’t trade through Fujian but Macao, where cha is used. That’s why of all Western European countries only Portugal uses the cha word for tea!

Although it’s fairly commonly known that tea originated in China, it is far less known that it was a particular Portuguese woman, who inspired its popularity in England. Let’s go back to 1662, when Catherine of Braganza – daughter of Portugal’s King John IV – married England’s King Charles II, and became the Queen of England, Scotland, and Ireland. Travelling up north to join her husband, she is said to have taken along loose-leaf tea, that was popular among Portugal’s aristocracy.

When Catherine arrived in England, tea was being consumed there only as herbal medicine and very expensive. The reason for the cost was that England had no direct trade with China and the small quantities the Dutch were importing were so pricey, that only the wealthiest could afford it. Tea became associated with the elite women’s society around the royal court, of which Catherine was the famous centrepiece.

‘The best of Queens, and the best of herbs, we owe
To that bold nation, which the way did show
To the fair region where the sun doth rise,
Whose rich productions we so justly prize.

( Birthday ode to Queen Catherine. Edmund Waller, 1663 )

Aproveite sua semana                   Enjoy your week          (pic 2 qz.com)