China to invest $250 billion in Latin America over next decade

Global Business

Leaders from Community of Latin American and Caribbean States, known as CELAC, gathered in Beijing for the first time for a two-day forum on Thursday. Chinese President Xi Jinping delivered a keynote speech at the opening ceremony, while Foreign Minister Wang Yi attended the first phase of meetings. CCTV’s Su Yuting reported this story from Beijing.

China to invest $250 billion in Latin America over next decade

Leaders from Community of Latin American and Caribbean States, known as CELAC, gathered in Beijing for the first time for a two-day forum on Thursday. Chinese President Xi Jinping delivered a keynote speech at the opening ceremony, while Foreign Minister Wang Yi attended the first phase of meetings. CCTV’s Su Yuting reported this story from Beijing.

The theme of the meeting was “New platform, new starting point, and new opportunity”.

“Every CELAC country, no matter if it’s rich or poor, is equal under the framework of the forum. All sides should maintain friendly consultations, uphold common development and consider interests from all sides in order to ensure a firm political foundation for cooperation,” Xi Jinping said.

China’s direct investment in Latin America is expected to hit $250 billion in the next decade, Xi added.

Chinese Foreign Minister Wang Yi said China and CELAC will create a 2015-2019 cooperation plan.

“The plan will push forward the development of China-Latin American cooperation to an unprecedented new high.” Wang said.


Latin America tries to diversify exports to China

Latin America’s economy has been directly affected by the economic slowdown in China. CCTV America’s Paulo Cabral reported this story from São Paulo.

In recent years, Latin American commodities such as soybeans and iron ore have soared due to Chinese demand, but that need is diminishing a bit as are prices, adding to concerns about sluggish growth in Latin America.

The International Monetary Fund has reduced its growth forecast for Latin America from 3 percent to 2.2 percent for 2015.

“Demand for some products are going to slow down in Latin America, so we need to adapt to this new demand from China. Today, China is the engine of our economic growth,” Evaldo Alves, professor of Getulio Vargas Foundation said.

Analysts said China is now trying to develop its own consumer market after years of expansion aimed at exports.

“We need to counter this negative impact, to develop more diversified trade with China. I think that Latin America has the possibility to increase exports of industrial products, services to China, and also would benefit from more Chinese investment in the productive sector here,” Clodoaldo Hugueney, former Brazilian ambassador to Beijing said.

Latin America tries to diversify exports to China

Latin America’s economy has been directly affected by the economic slowdown in China. CCTV America’s Paulo Cabral reported this story from São Paulo.


Margaret Meyers of Inter-Am Dialogue discusses China-Latin Am. relations

CCTV America interviewed Margaret Meyers, the China and Latin America program director at the Inter-American Dialogue, about China-Latin America relations and trade.

Margaret Meyers of Inter-Am Dialogue discusses China-Latin Am. relations

CCTV America interviewed Margaret Meyers, the China and Latin America program director at the Inter-American Dialogue, about China-Latin America relations and trade.