15:55, 24-Mar-2019
Xi Visits Monaco: Preparations are in full swing to welcome Chinese President
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15:50, 27-Mar-2019
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President Xi's next stop during his Europe trip is Monaco, the second smallest but also one of the richest countries in the world. Two-way trade has surged in recent years. CGTN's Stefan de Vries tells us more about the country and Xi's upcoming visit.
Welcome to Monaco, The land of glitz and glamour on the Mediterranean coast, nestled between France and Italy.
STEFAN DE VRIES BORDER OF FRANCE & MONACO "Monaco is not a member of the European Union. But there is no physical border between France, where I am now, and Monaco, where I am now."
Monaco is the second smallest country in the world. It's a principality and its head of State is Albert Deux, Albert the Second. And he is receiving President Xi Jinping in this palace, right behind me.
It may be small, but the country has now the highest GDP per capita in the world: over 160.000 dollars per year.
The country has no income tax, very low business taxes and is one of the major financial hubs on the Mediterranean Coast.
The last decade, business relations between Monaco and China have been rapidly growing. In 2018 alone, the trade volume between the two surged by almost 800 percent. Xi's visit is seen as an honour and an opportunity.
STEFAN DE VRIES MONACO "So this is today's newspaper of Monaco, Monaco Matin, and it says 'Monaco at the eve of a historical event'. And the article talks about the very strict security measures in place here in Monaco for the first visit of a Chinese President in Monaco's history."
MONACO RESIDENT "It's very impressive. It's now the most important person in the world and to come and visit us is an honour and a unique event."
MONACO RESIDENT "It's important that the Principality has relations with such a big country. We are very excited, because all the roads are closed."
24 hours before the State Visit, preparations were in full swing, to make sure the Chinese President will feel welcome in this tiny country. This is Stefan de Vries, in Monaco for CGTN.