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Stronger Sino-Latin American ties to inject new vitality into Asia-Pacific

Editor: zhenglimin 丨Xinhua

11-16-2016 20:42 BJT

Full coverage: Xi Visits Ecuador, Peru and Chile, Attends APEC Summit

LIMA, Nov. 16 (Xinhua) -- Relations between China and Latin America are expected to further grow as Chinese President Xi Jinping visits Latin America, while stronger Sino-Latin American relations will inject new vitality into the Asia-Pacific.

Xi left Beijing Wednesday morning to pay a visit to Ecuador, Peru and Chile on Nov. 17-23 and attend the 24th Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting on Nov. 19-20 in Lima, the Peruvian capital.

This is President Xi's third visit to Latin America since taking office. The visit will further deepen their traditional friendship, promote Sino-Latin American cooperation and boost the economic development of the Asia-Pacific region.

Since the beginning of the 21st century, economic and trade relations between China and Latin America have grown rapidly. With trade, investment and financial cooperation as three engines, China and Latin America have been promoting cooperation in fields like energy and resources, infrastructure, agriculture, manufacturing, and information technology.

China and Latin America are emerging economies. On the backdrop of a weak global economic recovery and the rise of trade protectionism, the two sides should seize the opportunity to upgrade their cooperation to serve as new engines for the development of the Asia-Pacific region.

Latin America is expected to register negative economic growth for two consecutive years for the first time in more than 30 years, which shows increasing pressure for its economic transformation.

China and Latin America complement each other in the structures of their economies and their development strategies. Latin American countries are looking to diversify their economic development, upgrade infrastructure and accelerate industrial modernization. Meanwhile, China has great advantages in financing, technology, and production capacity.

That makes China and Latin America perfect partners.

With a series of mammoth projects involving Chinese companies, such as the modernization of Argentina's railway system, construction of ultra-high-voltage direct current transmission lines for Brazil's Belo Monte hydropower station, and Huawei's building of 4G networks in Latin America, China is helping the region build three strategic "superhighways" of logistics, electricity and information.

The Trans-Oceanic Railway project, which is expected to create a corridor connecting the Pacific and the Atlantic, will promote the development of transport networks in the continent, reduce logistical costs, and help Latin America merge into the Asia-Pacific economic circle.

Interconnection between two sides of the Pacific will surely have a profound impact on the global transport of goods and trade patterns.

Facts show, and will continue to show, that the China-Latin America ties have advanced in an open, inclusive, and win-win way. China is now Latin America's second largest trading partner and the third largest source of investment, and Latin America is China's seventh largest trading partner, and important overseas investment destination.

As both sides have continuously explored new opportunities, trade between China and Latin America has been increasingly diversified.

During Xi's visit, China will focus on optimizing bilateral free trade arrangements and seek to strengthen ties in the areas of e-commerce, the creation of industrial parks and infrastructure under the principles of mutual trust, mutual benefit and mutual learning.

China and Latin America have a common pursuit of development, have economic complementarity, and have a great potential to deepen cooperation.

Xi's travel across the Pacific will again draw a new blueprint for China-Latin America cooperation and further promote the opening up and inclusive growth of the Asia-Pacific, which in the end facilitates the prosperity and growth of the global economy.

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