The main purpose of this article is a brief analysis of China and its economic diplomacy regarding Portugal, as a Member State of the European Union. The analysis was developed throughout several points. First, the Chinese model of socialist market economy within a global environment configured by liberal ideas. Second, the main characteristics of China's economic diplomacy model, one where the economic and the political are closely intertwined. Third, a focus on the economic attractiveness that China exerts upon Portugal, in particular, the Chinese investment in the Portuguese energy sector. Finally, some conclusions about the possible consequences for Portugal economic and strategic dependence on China in a world where the US‐China rivalry is growing.