China Welcomes LAC Countries to Enjoy Fruits of Its New Growth Model

During the Third Ministerial Meeting of the Forum of China and the Community of Latin American and Caribbean States (China-CELAC Forum), held via video link on December 3, President Xi Jinping called for joint efforts to create a blueprint for cooperation between China and Latin American and Caribbean (LAC) countries to promote people’s wellbeing and human progress.

The China-CELAC Forum was first launched in 2014 during President Xi’s visit to the region. In the spirit of strengthening partnership and pushing forward South-South cooperation, China and the LAC countries have developed the forum into a major platform that pushes their relationship into a new era featuring equality, mutual benefit, innovation, openness, and tangible benefits for the people. The aim of the third ministerial meeting was to increase communication and promote in-depth cooperation in the post-pandemic era. The two declarations passed in the meeting fully display the high-level mutual political trust and the willingness of both sides to strengthen their friendship.

Amid profound changes unseen in a century, as well as the ravages of the COVID-19 pandemic and a number of countries practicing unilateralism, populism, protectionism and secessionism, the world risks slipping into turmoil. China and the LAC countries are burdened with the new-era task of recovering from the pandemic and making life better for their peoples.

As developing countries, China and the LAC countries are equal partners in cooperation. The common dream of acting independently, development and revitalization connects them closer. China-LAC teamwork has become an important force in the global economy. Their economic and trade cooperation has shown strong resilience despite the battering given by the COVID-19 pandemic. According to statistics from China customs, in the first half of 2021, imports and exports between China and LAC countries jumped by 45.6 percent year on year, with a 13.8-percentage-point higher growth rate than that in 2019, which was 3.3 percent year on year. Total volume of trade between China and Brazil, the largest economy in the region surged by 42.8 percent compared with the first half of last year. Meanwhile, direct investments by China in the LAC countries grew by 40 percent year on year, injecting strong vitality to the recovery of the region’s economy. China is the second largest trading partner of the LAC region, while the latter is the second largest destination of Chinese outbound investments.

Since the outbreak of the COVID-19 pandemic, President Xi and leaders of the LAC countries have kept in close contact through calls and virtual meetings to jointly combat the pandemic. In countries including Chile, Ecuador, and Bolivia, more than half of the vaccines already administered have come from China.

Green coordination is set to give new impetus to China-LAC cooperation. China sees green development as a new approach for development at home and also a new direction for international cooperation. The LAC countries see the development of new energy as an important means for economic recovery thanks to their rich new-energy resources. China now possesses a complete industrial chain in the new-energy area and rich experience in related projects. There thus exists a huge potential for complementary cooperation between the two sides in new energy and green development under the Belt and Road Initiative.

China-LAC cooperation is an important part of South-South cooperation. China is the largest developing country in the world, while the LAC region is one of the highest concentrations of developing economies. Closer collaboration between both sides will boost their capability to get involved with global economic activities and achieve common development.

Guided by the principle based on equality, mutual benefit, innovation, openness, and tangible benefits for the people, China welcomes the LAC countries to enjoy the fruits borne by China’s new development paradigm that is taking shape, and to accelerate respective economic and social recovery from the pandemic.