The past two decades have witnessed a significant intensification of the bilateral relations between Spain and China that, in spite of the economic and political significance for the former, has received little scholarly attention. This essay explores the evolution of this relationship and its main dimensions. In addition, the essay analyzes the asymmetries and challenges the relationship raises. It argues that the growing influence of Beijing in the Mediterranean is not happening at the expense of Spain or other Southern European countries—the Asian giant has been able to create its own space within the region. In addition, this trend should be perceived by Madrid, Rome, or Athens not as a threat to their traditional privileged positions but as an opportunity.