President Xi’s Latin America trip results in lucrative trade deals

BRICS

Chinese President Xi Jinping’s visit to Latin America resulted in a number of trade and business deals worth billions of dollars.

During his visit to Brazil, Chinese companies agreed to buy 60 passenger jets, worth $3.2 billion,from Brazil’s Embraer. The two countries also reached agreements on railway projects and shipping.

In Argentina, the two counties agreed to an $11 billion currency swap, which will provide much needed money for the Argentinian government.

Major investments were also announced in hydroelectric power, railways and nuclear plants.

And while in Venezuela, President Xi witnessed the signing of a $4 billion credit line in return for Venezuelan oil.

The most prominent success of Xi’s trip has been the launch of a new BRICS development bank and emergency reserve. The two institutions are intended to create an alternative to the World Bank and International Monetary Fund.

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For more analysis on Xi’s trip, CCTV-America spoke with Yang Zhimin of the Institute of Latin American Studies, Chinese Academy of Social Sciences.

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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.