China becomes Ecuador’s biggest trading partner

Global Business

China is now Ecuador’s biggest trading partner and creditor after the countries increased investment, trade ties, infrastructure and energy projects. CCTV’s Dan Collyns filed this report.

China becomes Ecuador\\\'s biggest trading partner

China becomes Ecuador\\\'s biggest trading partner

China is now Ecuador's biggest trading partner and creditor after the countries increased investment, trade ties, infrastructure and energy projects. CCTV's Dan Collyns filed this report.

Highlights:

  • China extended a $7.5 billion credit line to Ecuador.
  • Ecuador began borrowing from China in 2008 when the South American country defaulted on $3.2 billion of foreign debt. In return China claimed the lion’s share of Ecuador’s oil shipments under long-term contracts which provide up-front Chinese funding.
  • Chinese investment is also moving into sectors from hydroelectric energy generation to telecommunications.