Since the end of 2009，the Greek sovereign debt crisis has quickly contaminated Portugal and Spain，whose public financial positions deteriorated sharply，which in turn impacted negatively on their political situations，causing dividing views between the ruling and opposition parties of these two countries respectively on how to get rid of the debt crisis. In the face of the pressures both at home and from international organizations like the EU and IMF，both the Portuguese and Spanish governments unveiled much harsher fiscal austerity plans to ride out the sovereign debt crisis，including measures aimed at increasing tax revenues，cutting down public expenditure，reducing social welfare benefits and privatizing state-owned enterprises. As the EU’s rotating presidency during the first half of 2010，Spain contributed a lot to reforming the EU institutions targeted by the Treaty of Lisbon，having elevated the EU’s global visibility and enhanced its multi-level economic governance. The economic and trade relations between China and Portugal are developing rapidly and smoothly and both parties have made great efforts to construct a pluralistic setting for the bilateral economic and trade cooperation.