The article examines the case of Portugal, where Chinese capital has achieved the greatest success in its unprecedented expansion in the EU caused by the struggle with the Unites States for global leadership. China controls several key sectors of the Portuguese economy, uses its privileged relations with the countries of the Portuguese-speaking world, and has involved this country in its “New Silk Road” megaproject. In the context of the pandemic, Portugal received more support from China than from the EU, as well as in the context of the debt crisis of 2011-2012, which marked the beginning of a massive inflow of Chinese capital to this country. Portugal’s open position on China is at odds with the strategy of joint containment of its investment expansion, which the EU leadership seeks to adopt. The development of bilateral relations with the EU member states makes it easier for China to penetrate and gain a foothold in the strategically important European market.