Despite the ongoing struggles of the Greek economy, shipping and logistics supplier China Ocean Shipping (Group) Company remains positive about its ambitions for the country's key port at Piraeus. COSCO has spent heavily on modernization work at the port as part of a major investment plan that includes improving its ship-handling facilities and tourist attractions.  

In 2008, COSCO acquired a franchise right next to two of Piraeus’ container terminals. Under the 35-year lease, COSCO is committed to investing over 700 million U.S. dollars in upgrading the port's facilities.  

COSCO's development of Piraeus has been encouraged by the Belt and Road Initiative (BRI), first proposed by Chinese President Xi Jinping in 2013. Despite the devastating impact of the European debt crisis on the economy in Greece and further afield, Piraeus is considered to have a bright future as a gateway through which Asian products can enter European markets.  

In a key BRI investment, COSCO acquired a 51-percent stake in the Piraeus Port Authority in 2016. In the following two years, Piraeus' container throughput increased from 880,000 twenty-foot equivalent units (TEUs), to 4.9 million in 2018, ranking second among all Mediterranean ports. COSCO estimates that this year, the port will handle more than six million TEUs. In the first quarter alone, throughput was up by 24.4 percent, to almost 1.25 million TEUs. As Greece's largest port, lying 32 kilometers from the capital, Athens, Piraeus ranks 7th among European container ports, and 37th globally – up from 44th in 2016. 

In addition to boosting throughput, COSCO's plans also include creating the biggest shipping and repair yard in the eastern Mediterranean, with the capacity to service up to 450 vessels annually. It also wants to build four new hotels and a shopping mall, aimed at serving its ambition of making Piraeus a home port for cruises catering to tourists from China and elsewhere. 

Rediscovering China is a 30-minute feature programme offering in-depth reports on the major issues facing China today. It airs on Sundays at 10.30 a.m. BJT (02.30 GMT), with a rebroadcast at 11.30 p.m. (15.30 GMT), as well as on Mondays at 8.30 a.m. (00.30 GMT) and Fridays at 1.30 p.m. (05. 30 GMT).