Chinese, Cuban leaders pledge staunch friendship

Global Business

Chinese President Xi Jinping wrapped up his visit to Cuba after signing a series of economic and trade agreements.

While both countries are Communist-led, China has a thriving market economy.

Cuba only recently started its economic reforms, but as our senior Latin America correspondent Michael Voss reports, this Caribbean island is not looking to copy the Chinese model.

Chinese, Cuban leaders pledge staunch friendship

Chinese, Cuban leaders pledge staunch friendship

Chinese President Xi Jinping wrapped up his visit to Cuba after signing a series of economic and trade agreements. While both countries are Communist-led, China today also has a thriving market economy. Cuba only recently started its economic reforms, but as our senior Latin America correspondent Michael Voss reports, this Caribbean island is not looking to copy the Chinese model.

President Castro has opted for a gradual reform process: no big bangs or sudden shifts that could lead to large scale unemployment or social unrest.

The Cuban model aims at making the state sector work more efficiently while opening the door to foreign investment.

A tax free special development zone is under construction around the new container port at Mariel.

Several Chinese companies are looking at joint ventures there to produce and export Cuban developed pharmaceuticals. But many other potential foreign investors are waiting to see just how business friendly Cuba is and whether they can make a profit here.

For more on President Xi’s visit, Yang Zhimin from the Institute of Latin American Studies at the Chinese Academy of Social Sciences, shares his insight.

Yang Zhimin on China-Cuba relations

Yang Zhimin on China-Cuba relations

For more on President Xi's visit, Yang Zhimin from the Institute of Latin American Studies at the Chinese Academy of Social Sciences, shares his insight.